Bank of Georgia Owner Eyes Uzbekistan’s Largest Banks
Business
Lion Finance Group, the owner of Bank of Georgia, is considering entering Uzbekistan’s banking market through the acquisition of a major local lender. The group is primarily targeting banks ranked among the top three or top five in their respective markets and has ruled out pursuing smaller institutions.
Lion Finance Group Chief Executive Archil Gachechiladze told Bloomberg that the company’s next phase of growth involves exporting Bank of Georgia’s digital banking model to new markets through acquisitions. He identified Uzbekistan and Kazakhstan, as well as the Baltics and the Balkans, as potential destinations for expansion. “We focus on the top three to top five players. The key to unlocking that value is finding new markets that we can apply this to,” he said. Banks in the top three are the preferred targets, he added: “We don't go after small banks.”
The group has not disclosed which Uzbek banks could be considered potential acquisition targets. There is also no information indicating that specific negotiations or formal offers are currently underway.
Lion Finance Group’s interest in Uzbekistan comes as the country continues reforming its banking sector. The updated Uzbekistan–2030 strategy предусматривает a reduction in the number of state-owned banks and their further privatization. According to the Uzbekistan Banking Association, the number of state-owned banks is planned to fall from nine to four by 2030.
Regional expansion has already become an important part of the group’s strategy. In 2024, Lion Finance Group acquired Ameriabank in Armenia in a transaction with a base consideration of about $303.6 million. The group now combines banking operations in Georgia and Armenia and is a constituent of the FTSE 100 index.
The group has not disclosed which Uzbek banks could be considered potential acquisition targets. There is also no information indicating that specific negotiations or formal offers are currently underway.
Lion Finance Group’s interest in Uzbekistan comes as the country continues reforming its banking sector. The updated Uzbekistan–2030 strategy предусматривает a reduction in the number of state-owned banks and their further privatization. According to the Uzbekistan Banking Association, the number of state-owned banks is planned to fall from nine to four by 2030.
Regional expansion has already become an important part of the group’s strategy. In 2024, Lion Finance Group acquired Ameriabank in Armenia in a transaction with a base consideration of about $303.6 million. The group now combines banking operations in Georgia and Armenia and is a constituent of the FTSE 100 index.
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