13 July, 2012
Mgaloblishvili Kipiani Dzidziguri (MKD) has recently acted as a special legal counsel to the European Bank for Reconstruction and Development advising it on the sale of 90% shares in JSC Basis Bank (the “Bank”) to China’s Xinjiang Hualing Industry & Trade (Group) Co., Ltd (the "Hualing Group").
MKD's transaction team was led by Victor Kipiani, who was assisted by Giorgi Kankava. Xinjiang Hualing Industry and Trade Group which has a greatly diversified business, becomes the first privately owned Chinese group to buy a foreign commercial bank in Georgia. This acquisition represents a significant step towards diversification and expanding business overseas, including the financial sector, by the Chinese conglomerate.
“We are very proud to act as counsel in such a transaction. This deal demonstrates that the local finance industry provides large foreign actors with good investment opportunities and, hope, this trend would be sustained“, said Victor Kipiani, partner at MKD.