Bank of Georgia acquires large portfolio from ProCredit Bank

One of Georgia’s leading banks, Bank of Georgia (BOG), has strengthened its position in the small and medium sized (SME) segments by cutting a deal with ProCredit Bank Georgia to acquire its SME portfolio.

ProCredit Bank Georgia is currently the third largest bank in Georgia by total assets and market share of gross loans. The BOG acquired ProCredit Bank Georgia’s small and medium sized portfolio in December 2016.

The transaction added 2,400 micro and small business clients and a net value of 120 million GEL (about $45 million/ˆ42*) loans to the BOG’s retail banking loan portfolio.

This transaction, which largely reflects individual loans of less than $100,000 value, further strengthens BOG’s position in the small business and micro segments.

The transaction directly serves the bank’s strategic target to enhance its retail business by growing the micro, small and medium sized enterprise loan portfolios within the next three years. (Agenda.ge)