Credo Bank signed a share purchase agreement with FINCA Microfinance Cooperatief U.A. acquiring 100% shares of FINCA Bank Georgia. The transaction is in line with Credo Bank’s mission to provide sustainable financial services for micro, small and medium entrepreneurs and creates a great opportunity for achieving synergy effect. As a result of acquisition Credo Bank becomes No. 6th bank in Georgia by total assets and gross loan portfolio.
“It is with great pleasure, that I confirm successful finalization of the transaction and look forward to welcoming FINCA Bank’s customers and qualified employees to Credo Bank. With over 24 years of experience, we are committed to continue offering fully fledged customer centered banking products. Credo Bank’s digital channels will enable new customers to receive affordable and quality services. Likewise, I would like to express my sincere appreciation to our shareholders and partners who have been supporting this transaction.”- said Zaza Pirtskhelava, General Director of Credo Bank.
“National Bank of Georgia approved Credo Bank application to acquire 100% of shares of FINCA Bank Georgia. While the shareholder has changed, the values and commitment to serving the micro-segment will not. Like FINCA Bank Georgia, Credo Bank is a financial institution with international, socially responsible shareholders and a focus on delivering impactful financial services. The bank will have the resources and talent to accelerate digital transformation offering more choices and access for customers in Georgia. ” – Andrée Simon, the President and Chief Executive Officer of FINCA Impact Finance (FIF).
The transaction and further growth of the bank is supported by the French Development Finance Institution – Proparco (Groupe Agence Française de Développement). It joined German Access Microfinance Holding AG, funds managed by the Dutch Triodos Investment Management and Swiss responsAbility Investments AG, as a new shareholder of Credo Bank.