Bank of Georgia Group completed the acquisition of Ameriabank from IMAST Group (CY) Limited for $304m.

Bank of Georgia Group, a systemically important universal bank in Georgia, completed the acquisition of Ameriabank, a universal bank in Armenia, from IMAST Group (CY) Limited, a shareholders of Ameriabank, for $304m. "This transaction is a significant milestone for the Group and a new chapter in our strategic development. Through Ameriabank we are set to enter Armenia, one of the fastest-growing economies in the region. Ameriabank has a well-regarded and experienced management team, and I am delighted that they will stay on after the transaction is closed," Mel Carvill, Bank of Georgia Group Chairman of the Board of Directors.