Liberty Bank (Georgia)

The Liberty Bank (Georgian: ლიბერთი ბანკი, libert'i banki), formerly the People's Bank of Georgia (Georgian: საქართველოს სახალხო ბანკი, sak'art'velos sakhalkho banki) is a private bank in Georgia, the third largest in the country by total assets with 5.6% market share as of June 2017.[1] It has the largest network of branches in Georgia.

Liberty Bank
TypeJoint Stock Company
GeSE: BANK
IndustryBanking, Financial services
Founded1994 (1994)
FounderLado Gurgenidze, Dinu Patriciu
Headquarters
Tbilisi
,
Georgia
Websitewww.libertybank.ge

History

Liberty Bank is the successor to the state-owned “AgroMretsvBank” which was privatised in 1994 and renamed to “People’s Bank of Georgia” in 2002.

The People's Bank of Georgia had the largest customer service network in Georgia. Under the leadership of George Goguadze, the Bank opened 210 branches across the country. As Goguadze's strategy was to establish extensive coverage around the country, the Bank was able to win a state tender for the rights of issuance of pensions and other social benefits. At the end of 2008 which was the last year of Goguadze's executive operation at the JSC People's Bank, the Bank had 1.5 million clients which represent about 30% of entire Georgia's population.[2]

In September 2009 91.2% of its shares were acquired by Liberty Investments Holding B.V., a newly established joint venture of Georgia's former Prime Minister, Lado Gurgenidze and Romanian tycoon Dinu Patriciu, while the bank was renamed Liberty Bank.[3]

In 2017, Liberty Bank announced a change of control, whereby European Financial Group B.V. , a company established and organised under the laws of the Kingdom of Netherlands, purchased 74.64% of equity interest in the Bank. The ultimate beneficial owners of the Bank are Irakli Rukhadze (US Citizen), Ben Marson (UK citizen) and Igor Alexeev (US Citizen).

References
  1. "European Financial Group purchases 74.64% shares of Liberty Bank". Agenda.ge. Retrieved 2 January 2019.
  2. "People's Bank of Georgia: card project for the government" (PDF). Compass Plus. Compass Plus.
  3. Barron, Lisa (18 September 2013). "Liberty Bank of Georgia issues new credit card". Cistran Finance. Archived from the original on 29 October 2013. Retrieved 25 October 2013.
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