European Financial Group purchases 74.64% shares of Liberty Bank

Liberty Bank, the third largest bank in Georgia by total assets, has announced a change of control - 74.64 percent of equity interest in the Bank has been purchased by the European Financial Group.

The Group, a company established and organised under the laws of the Kingdom of Netherlands purchased the equity interest of Liberty Bank last week.

The ultimate beneficial owners of the Bank are Irakli Rukhadze (US Citizen), Ben Marson (UK citizen) and Igor Alexeev (US Citizen), announced Liberty Bank.

The transaction is affirmative for the Bank's strategic development and further expansion, as ultimate beneficial owners of EFG are prominent businessmen who own and manage major assets in Georgia, have extensive knowledge of Georgian business sector and banking in particular,” read the press release by Liberty Bank.

The Bank looks forward to further growth and development together with the new majority shareholder to better serve the needs of its clients and the Georgian financial sector,” read the press release.

With a 5.6 percent market share as of 30 June 2017, Liberty Bank takes third place in the Georgian banking sector by total assets. Also, the Bank has the largest branch network and serves approximately 1.6 million individuals and over 77,000 legal entities. (Agenda.ge)