Bank of Georgia Group to buy Armenian bank Ameriabank for $303.6 million

Bank of Georgia Group PLC ("BOGG" or the "Group") announces the proposed acquisition of 100 per cent. of a leading bank in Armenia, Ameriabank CJSC ("Ameriabank"), for approximately $303.6 million. This acquisition will significantly enhance the Group’s presence and growth opportunities within a fast-growing and attractive market.

The Board and Management of Bank of Georgia Group PLC are pleased to announce that conditional agreement has been reached to acquire 100% of the total issued share capital of Ameriabank CJSC (the "Acquisition"). BOGG believes that significant value can be derived from capitalising on opportunities within Armenia through this acquisition of a leading Armenian bank and by leveraging BOGG’s experience and expertise as it integrates Ameriabank into the wider Group (the “Enlarged Group”). The Acquisition is conditional upon the approval of the Group’s shareholders and regulatory approvals.