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.

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