Mgaloblishvili Kipiani Dzidziguri (MKD) advises Societe Generale Group on the completion of its subsidiarysale in Georgia
October 24, 2016
The largest transaction in the history of the Georgian banking sector – Societe Generale Group’s sale of its majority stake in Bank Republic to TBC Bank – has just closed successfully. The team at Mgaloblishvili Kipiani Dzidziguri (MKD) law firm has acted as legal counsel to Societe Generale Group on this sale.
As a result of the deal, Georgian TBC Bank has acquired 100% of Societe Generale’s stake in its Georgian subsidiary Bank Republic (93.64% of Bank Republic’s shares). Equally noteworthy is Societe Generale becoming a limited minority shareholder (5.4%) in TBC Bank Group PLC, with shares traded on the London Stock Exchange, indicatingits interest in the Georgian financial market.
“This big-ticket and multi-structured transaction with heavy cross-border elements undoubtedly contributes its own meaningful share to MKD’s work portfolio. It gives us special pride to have been engaged in this major development in Georgia’s banking sector as we are expecting some further consolidation in the market,” comments Victor Kipiani, a lead partner of MKD’s team working on the deal. Other team members in the completion process primarily included Natalia Babakishvili, Giorgi Kankava and Mikheil Gogeshvili.
Over the years, MKD’s M&A practice group has established an outstanding record on key and headline-making transactions in Georgia. The team advises and represents clients in national and cross-border mergers, acquisitions and takeovers. Together with the firm’s regulatory specialists, the corporate and M&A groups have acquired pre-eminent industry-specific expertise covering sectors such as financial institutions, energy, telecommunications, media, pharmaceuticals and many more.