The National Bank of Georgia (NBG) authorized JSC Credo Bank to acquire a 100% stake in JSC Finca Bank Georgia.
According to the NBG’s statement, the regulator body considers based on the analysis, that acquisition of Finca Bank by Credo Bank is compatible with the competitive environment.
After the purchase of Finca Bank by Credo Bank, the number of commercial banks in Georgia will be reduced to 14.
What is the volume of assets, which are owned by Credo Bank and Finca Bank?
According to the financial report 2020, Credo Bank has assets of 1.35 billion GEL and ranks on the 8th position in the banking system. FINCA Bank owns assets of 287 million GEL and ranks on the 13rd position in the banking system.
The Owners of "Credo Bank" are:
1 CDC Group PLC (UK) 7.12%
2 European Investment Bank (Luxembourg) 7.12%
3 International Finance Corporation (USA) 8.96%
4 Credits for Wiederaufbau (Germany) 7.65%
5 LFS Advisory GmbH (Germany) 14.31%
6 Dr. Bernd Zattler (Germany) 8.59%
7 Omidyar Tufts Microfinance Fund (USA) 6.75%
The bank's net profit for 2020 - 10.9 million GEL.
The owners of "Finca Bank" are:
FINCA Microfinance Holding Company LLC (Delaware, USA) 99 Voting right of FINCA Microfinance Cooperative 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 (Netherlands Financierings Maatschappij voor Ontwikkelingslanden N.V) 7.25% of FINCA Microfinance Holding Company LLC (Delaware, USA);
The bank's net profit for 2020 - 0.6 million GEL.
