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Bank Of Georgia Sells Stake In Belarusian Bank

The National Bank of Georgia has sold a 19.99 percent share of its Belarusian subsidiary to the IFC.
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.