EBRD Buys Stakes in BasisBank

The European Bank for Reconstruction and Development (EBRD) has acquired a 15% stake in BasisBank, a privately-owned Georgian bank, through subscription to new shares, BasisBank said on May 20. Sum of the deal was not reported.
 
“The acquisition of equity stake will provide us with an opportunity to support the growth of a small privately-owned bank and to encourage competition in the Georgian banking sector,” Kurt Geiger, EBRD Business Group Director Financial Institutions, said.

BasisBank was founded in 1993. It had total assets of GEL 78.3 million and total equity of GEL 15.1 million in 2006.

Last year EBRD invested in Georgia’s property sector and purchased 21% stake in the Georgian Reconstruction and Development Company. Also last year EBRD purchased 34% stake in the Georgian insurance company, Imedi L.