Following its expansion into Armenia, Bank of Georgia is exploring the acquisition of other foreign banks, CEO of Bank of Georgia and Lion Finance Group Archil Gachechiladze told TV program Business Course in an exclusive interview, discussing the group’s international growth strategy and priorities.
Gachechiladze said the bank is actively reviewing opportunities in the Baltics, Southern Europe, and Central Asia to acquire universal banks. If a suitable opportunity arises, they are ready to consider it and make a competitive offer.
He described the 2024 acquisition of Armenia’s leading financial institution, Ameriabank, as a success, noting it has achieved the highest growth within the Lion Finance Group.
Gachechiladze also shared that the group participated in a bid for the former HSBC subsidiary in Malta but lost to another bank that offered a higher price.
“We continue to seek acquisition opportunities for banks in Eastern Europe, Southeast Europe, and Central Asia. We are looking for banks that are significant for the local economy and have a substantial customer base. Our strategy is to be a top player in smaller markets rather than a minor player in large ones. The philosophy behind our growth remains the same,” Gachechiladze said.
Publicly, it is known that 70% of the HSBC subsidiary in Malta was acquired by Greek Crediabank for €200 million.
