The French bank Soci?t? G?n?rale announced on September 15 the acquisition of a 60% stake of the Georgian Bank Republic. The terms of the deal where not disclosed.
AFX news agency reported that the European Bank for Reconstruction and Development (ABRD) also acquired a 10% stake in Bank Republic.
Bank Republic, with 74 000 clients, had GEL 7,1 million net profit in 2005 and GEL 5,8 million net profit in the first half of 2006.