China's Xinjiang Hualing Industry and Trade Group acquires 90% Stake in Georgian bank JSC Basisbank

Date: 04 Jul 2012

China's Xinjiang Hualing Industry and Trade (Group) Co. Ltd. had acquired a 90% stake of the Georgian JSC Basisbank and became the first Chinese private enterprise to acquire a commercial bank overseas. The acquisition was completed after an agreement was reached between the European Bank for Reconstruction and Development (EBRD) and Chairman of the bank's supervisory board, Zurab Tsikhistavi.

EBRD and Tsikhistavi, the bank's single international shareholder and the founder, will each retain a 5% equity stake. The bank will change its name and operate in Georgia’s second largest city, Tbilisi and Kutaisi. Tsikhistavi will still chair the bank's supervisory board.

The bank's businesses include deposits, loans, guarantees, cash and account settlements and securities.

Disclaimer
The information on this page may have been provided by a contributor to ChinaGoAbroad, and ChinaGoAbroad makes no guarantees about the accuracy of any content. All content shall be used for informational purposes only. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting such content (including texts, pictures, photos and diagrams) to ChinaGoAbroad for publication. ChinaGoAbroad disclaims all liability arising from the publication of any content/information (such as texts, pictures, photos and diagrams that infringe on any copyright) received from contributors. Links may direct to third party sites out of the control of ChinaGoAbroad, and such links shall not be considered an endorsement by ChinaGoAbroad of any information contained on such third party sites. Please refer to our Disclaimer for more details.
Top