Bank of Georgia buys into Aldagi insurance company

Georgia Materials 22 December 2006 13:21 (UTC +04:00)

(civil) - Bank of Georgia (BOG) said that its wholly-owned insurance subsidiary BCI has purchased 100% equity interest in insurance company Aldagi for USD 7.6 million.

After an acquisition of the Georgia's leading insurance company BCI's insurance market share in Georgia is expected to exceed 40%. Aldagi's merger into BCI is expected to be over by June, 2007, reports Trend.

Lado Gurgenidze, chief of BOG's supervisory board, said as a result of the deal BCI has turned into a leader on the Georgian insurance market, which is poised for rapid growth over the next few years.

Bank of Georgia is the largest bank by total assets, gross loans and total equity in the country with 98 branches and over 380 thousand clients, which had its initial public offering at London Stock Exchange in late November.