JSC “Credo Bank” plans to purchase JSC “Finca Bank” – this is clear from the information published on the National Bank of Georgia website. According to the application, Credo Bank intends to buy a 100% stake in Finca Bank. The National Bank regulates the transaction. With its consent, the number of commercial banks in Georgia will be reduced to 14.
“The National Bank of Georgia, based on the application of JSC “Credo Bank,” initiated administrative proceedings regarding the assessment of the transaction (concentration) of the acquisition of 100% of the shares of JSC “Finca Bank Georgia” in a competitive environment.
Interested parties are invited to submit their comments on the compatibility of the planned transaction within the competitive environment by the following e-mail: June 28, 2021: email@example.com
We would like to inform you that the decision of the National Bank on the compatibility of the concentration with the competitive environment will be published on the website of the National Bank within 7 days after the decision is made,” the document reads.
What is the size of Credo Bank and Finca Bank?
As of the first quarter of 2021, the assets of Credo Bank amount to 1.39 billion GEL, thus occupying eighth place in the banking system. Finca Bank’s assets amount to GEL 279 million, ranking it 13th in the banking system.
The owners of Credo Bank are:
- CDC Group PLC (UK) 7,12%
- European Investment Bank (Luxembourg) 7,12%
- International Finance Corporation (USA) 8,96%
- Kreditanstalt für Wiederaufbau (Germany) 7,65%
- LFS Advisory GmbH (Germany) 14,31%
- Bernd Zattler (Germany) 8,59%
- Omidyar Tufts Microfinance Fund (USA) 6,75%
The net profit of the bank in the first quarter of 2021 – 7.5 million GEL.
The owners of Finca Bank are:
- FINCA Microfinance Holding Company LLC (Delaware, USA) 99 Voting right of FINCA Microfinance Coöperatief U.A.;
- FINCA International, Inc (New York, USA) 62.89% of FINCA Microfinance Holding Company LLC (Delaware, USA);
- International Finance Corporation (IFC) 14.27% of FINCA Microfinance Holding Company LLC (Delaware, USA);
- KfW 8.87% of FINCA Microfinance Holding Company LLC (Delaware, USA);
- FMO (Nederlandse Financierings Maatschappij voor Ontwikkelingslanden N.V) 7.25% of FINCA Microfinance Holding Company LLC (Delaware, USA);
Net loss of the bank in the first quarter of 2021 – 0.3 million GEL.დატოვე კომენტარი