We believe the proposed acquisition of Ameriabank in Armenia, for USD303.6m, is around 20% accretive, with Bank of Georgia Group plc (BOGG) deploying surplus capital – cash, largely sitting at the HoldCo – at an attractive valuation. It also offers enhanced growth opportunities for the Group, with the value of this cross-border deal not predicated on either revenue or cost synergies. We believe this represents further upside in the medium-term, with increased digitisation, and as BOGG brings its ....
