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Georgia's TBC Bank Group acquires controlling stake of My Group company

Business Materials 20 August 2019 14:16 (UTC +04:00)

Baku, Azerbaijan, August 20

By Tamilla Mammadova – Trend:

TBC Bank Group signed an agreement with My.ge (My Group) company on the purchase of 65 percent of the company shares, said CEO of TBC Bank Group Vakhtang Butskhrikidze, Trend reports citing bm.ge.

“The acquisition of My Group accelerates our ecosystem strategy. This will expand our digital business in the Georgian market and provide access to a large number of new customers,” said Vakhtang Butskhrikidze, CEO of TBC Group.

According to him, the transaction value is 19.45 million lari. At the same time, the TBC Bank Group has the right to redeem the remaining 35 percent under certain conditions within the framework of the transaction.

“We are very pleased to cooperate with the largest bank in Georgia and benefit from it by using world-class digital opportunities and participating in the development of ecosystems. I look forward to bringing My Group to a new level and offering our customers new solutions and services,” said Lasha Gigitelashvili, co-founder of My Group.

My Group is one of the largest platforms in Georgia, which, according to official figures, monthly acquires more than 1.7 million users. In 2018, the Group's assets amounted to 3.3 million lari, and revenue - to four million lari. My Group was founded in 2002 by brothers Lasha and Kakha Gigitelashvili.

(1 USD = 2.92 GEL on August 20)

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