Ameriabank set to join BOGG, a London Stock Exchange (LSE) listed financial group as a standalone entity

Armenia 19 February, 2024 13:57

Ameriabank (the Bank) has reached an agreement with theBOGG (the Group), a UK registered financial group, to join thelatter as a standalone entity and the Group to become the mainshareholder of the Bank, with the European Bank forReconstruction and Development (“EBRD”) retaining their 10% shareholding in Ameriabank.

The Financial Conduct Authority, the financial services conductregulator in the UK, has approved the circular of the transaction. As a next step, the transaction is subject to approval byshareholders, as well as the regulatory bodies, including theCentral Bank of Armenia.

Bank of Georgia Group PLC is a UK incorporated internationalfinanacial group listed on the Premium Segment of the LSE Main Market and a constituent of the FTSE-250 index. Amongthe Group’s shareholders are some of the world’s largestfinancial institutions, such as JPMorgan, BlackRock, TheVanguard Group, Schroders, Norges Bank InvestmentManagement (a leading pension fund), etc.

Following approvals and closing of the transaction, Ameriabankwill operate as a standalone entity within the Group under itsown brand name and the current leadership in place, committedto Ameriabank’s adopted strategic goals, values, mission andvision.

Amidst significant achievements in recent years and the currentstage of technological development, Ameriabank views thistransaction with the Group as a one of the well-reasoned optionsfor its long-term growth. Upon successful completion of thetransaction, Ameriabank will become a member of a LSE listedGroup with access to global financial markets to raise capitaland investments and will continue offering the latest financialproducts and technological solutions to its customers.

Following the closing of the transaction and with Ameriabankon board, the Group also intends to change its name marking a new chapter in its development.

About Ameriabank CJSC

Ameriabank is a leading financial technology institution and a major contributor to the Armenian economy. Being a dynamically developing universal bank, Ameriabank provides a large package of innovative banking services through its omni-channel distribution platform and with clear focus on digitalproducts and ecosystems.The Bank has adopted a customer-focused approach to ensure service quality and modern bankingexperience in an evolving digital environment. Ameriabank iscommitted to doing business responsibly and advancingArmenia’s transition towards a sustainable future.