TBILISI -- The Bank of Georgia, the country's leading universal bank, says the International Finance Corporation (IFC) has purchased a stake in the Belarusky Narodny Bank, RFE/RL's Georgian Service reports.
The IFC paid the Bank of Georgia $8.2 million for a 19.99 percent share in the bank.
Belarusky Narodny Bank is the Bank of Georgia's subsidiary in Belarus.
Bank of Georgia CEO Irakli Gilauri told RFE/RL today that "the participation of the IFC as a shareholder and lender will undoubtedly increase the Belarusky Narodny Bank's competitiveness and will provide invaluable support in the development of the bank."
The bank also announced on July 8 that Belarusky Narodny Bank has signed an agreement with the IFC for a $5 million loan.
The loan carries an interest rate of LIBOR plus 4 percent per annum and is to be repaid over 4 1/2 years in six semiannual equal installments, starting in June 2012.