IFC to Acquire 19.9 percent Stake in Belarusky Narodny Bank

The International Finance Corporation (IFC) has taken a decision to acquire a 19.9 percent stake of Belarusky Narodny Bank (BNB), which is owned by Bank of Georgia and to approve a credit line of 5 million USD to BNB.

Bank of Georgia controls a 99.96 percent stake in BNB and IFC cooperates with the Georgian bank to promote BNB on perspective markets with the aim to make lending opportunities accessible to small and medium-sized business sectors.

“IFC aims to promote foreign investments to strengthen economic relations and develop local markets and companies”, Thomas Lubeck, an IFC representative in the Caucasus, told GBC.

Bank of Georgia director general Irakli Gilauri says the competitive capacity of BNB will grow.

Bank of Georgia also owns a casting vote in BG Bank (the former Development and Partnership Bank of Ukraine) in Ukraine.