Chinese firm is 1st to buy bank overseas
Source: Xinhua |
July 4, 2012, Wednesday
|
Print Edition
Print Edition
CHINA'S Xinjiang Hualing Industry and Trade (Group) Co yesterday said it has acquired 90 percent of Georgian JSC Basisbank, becoming the first Chinese private company to buy a commercial bank overseas.
The acquisition was sealed after the European Bank for Reconstruction and Development and the bank's supervisory board Chairman Zurab Tsikhistavi agreed on a deal on Thursday.
The EBRD and Tsikhistavi, as the bank's single international shareholder and the founder, will each retain 5 percent stake.
The bank will change its name and operate in Tbilisi and Kutaisi, Georgia's second largest city. Tsikhistavi will still chair the bank's supervisory board.
Founded in 1993, Basisbank ranked 11th among Georgia's 19 existing commercial banks by total assets. Its assets were valued at 154 million Georgian laris (US$94 million) at end of March.
The bank's business includes deposits, loans, guarantees, and securities.
The acquisition was sealed after the European Bank for Reconstruction and Development and the bank's supervisory board Chairman Zurab Tsikhistavi agreed on a deal on Thursday.
The EBRD and Tsikhistavi, as the bank's single international shareholder and the founder, will each retain 5 percent stake.
The bank will change its name and operate in Tbilisi and Kutaisi, Georgia's second largest city. Tsikhistavi will still chair the bank's supervisory board.
Founded in 1993, Basisbank ranked 11th among Georgia's 19 existing commercial banks by total assets. Its assets were valued at 154 million Georgian laris (US$94 million) at end of March.
The bank's business includes deposits, loans, guarantees, and securities.
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