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Dinu Patriciu, Ex Georgian PM Buy Narodny Bank of Georgia – Interfax

Romanian businessman Dinu Patriciu, jointly with former Georgian Prime Minister Vladimir Gurgenidze, bought Narodny Bank of Georgia from Eurooil, a unit of RAKInvestment of the UAE, Interfax reported Wednesday.
Dinu Patriciu, Ex Georgian PM Buy Narodny Bank of Georgia - Interfax
16 sept. 2009, 19:07, English

The acquisition took place by a special-purpose vehicle set up by Patriciu and Gurgenidze.

Sources in the bank told Interfax that the bank’s general manager, Zurab Tsulaya, would make an official announcement next week.

The Georgian financial supervisory confirmed that the bank was sold, but did not disclose details, Interfax also reported.

Eurooil representatives negotiated with four foreign groups interested in buying the bank. Earlier this year, they said a transaction might be closed in August, without naming the potential buyers.

UK-registered Eurooil bought a 65% stake in Narodny Bank of Georgia in January 2009, and later rose its stake to 89%.

Narodny Bank of Georgia was established in October 2002 and has 211 units countrywide. It was was the 337th biggest CIS bank by assets and the 27th biggest Georgian bank on the Interfax-1000: CIS Banks rankings.

Patriciu sold in June the remaining 25% stake in oil group Rompetrol in June to Kazakhstan-based KazMunayGaz, after selling two years ago a 75% stake to the Kazakh group for $1.6 billion.