Fitch Evaluates Replacement Of Liberty Owner

Fitch Evaluates Replacement Of Liberty Owner

The rating agency Fitch evaluates replacements that took place in Liberty Bank. The agency considers that transference of the control stake to European Financial Group B.V. will have neutral impact on the bank’s rating. 

74,64% of the stock of the bank was acquired by a Netherlands-based company EFG. As a result, the main beneficiary owners of the bank have become: Irakli Rukhadze (USA citizen), Ben Marson (UK citizen) and Igor Alekseev (USA citizen).

The rating agency states that before a 58% share of the bank was disputable due to litigation proceedings, however, the issue has been solved.

Fitch states that the bank rating is positively influenced by stable economic environment and GEL exchange rate, as well as high revenue rates, adequate capitalization and stable financing base.

Fitch is not expecting any significant changes of the business model of the bank after changing of the owners. Besides, the agency notes that changing of the owners of the control stake will help the bank to diversify its financing base, since now, Liberty Bank has gained access to financing sources, which had been limited due to litigation.  

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