Bank of Georgia plans to buy ProCredit Bank’s portfolio of micro and small business loans. The parties have already reached agreement and payment will be fulfilled in cash.
Through this deal Bank of Georgia plans to strengthen positions in segment of small and micro business. As a result of this deal, Bank of Georgia will draw 2 400 new micro and small business clients and increase net value of loans portfolio by 120 million GEL.
It should be noted the deal mainly refers to individual loans under 100 000 USD. Bank of Georgia declared that the deal aims at growing micro, small and medium loans portfolio for the next 3 years.