Bank of Georgia said on October 10 it had bought Universal Bank of Development & Partnership (UBDP) in Ukraine for USD 81.7 million.
UBDP, a mid-sized bank in Ukraine, holds market shares of approximately 0.22% by total assets; 0.25% by gross loans and 0.21% by total deposits, according to the National Bank of Ukraine. UBDP, which is headquartered in Kiev, currently serves approximately 20,000 retail and 2,500 corporate clients through 39 branches.
Bank of Georgia is the biggest bank in Georgia by assets, loans and deposits with a 34% market share by total assets, according to the National Bank of Georgia. It serves over 500,000 clients through a network of 104 branches.
“Given that, in addition to UBDP, we have a large and successful broker-dealer subsidiary in Ukraine, this country has genuinely become our second home market,” Lado Gurgenidze, Chairman of the Bank of Georgia Supervisory Board, said.