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Georgian Bank Plans To Issue GDRs In West

TBILISI -- The Tbilisi-based Liberty Bank says it plans to sell global depositary receipts (GDRs) to institutional investors in the West, RFE/RL's Georgian Service reports.

Tamuna Gunia, head of investor relations at Liberty Bank, told RFE/RL the program is being launched jointly with Bank of New York Mellon.

She declined to give a date or say how big the issue would be.

The bank's shares in the form of GDRs -- each of which will represent 500 ordinary shares -- will be offered to international institutional investors outside the United States.

Any existing shareholder will be able to convert shares into the GDRs.

GDRs are used by companies, typically in emerging markets, to sell stock on foreign exchanges.

Liberty Bank is majority-owned by Romanian business tycoon Dinu Patriciu.

It describes itself as the seventh-largest bank in Georgia by total assets.