Armenia’s Arins Group agrees to acquire Georgia’s Tera Bank

Armenian financial holding Arins Group has signed an agreement to acquire Georgian lender Tera Bank, with the deal still subject to approval by the National Bank of Georgia.

The change of ownership will become official once the regulator approves the transaction, Caliber.Az reports, citing Georgian media.

Arins Group is one of Armenia’s largest financial holdings and includes Ardshinbank, which accounts for about 21% of the country’s total banking sector assets.

Tera Bank is Georgia’s sixth-largest bank by assets, with assets of 2.27 billion lari ($872 million) and a loan portfolio of 1.72 billion lari ($660.3 million).

The bank is currently owned by Sheikh Nahyan Mubarak Al Nahyan, a member of the UAE royal family.

By Aghakazim Guliyev