TBILISI, DFWatch – One of China’s largest companies, Hualing Group, has bought a 90 percent share in Georgia’s Basis Bank.

Xinjiang Hualing Industry & Trade (Group) Co. Ltd., Basis Bank and European Bank for Reconstruction and Development today held a joint press conference at Radisson Blu Iveria Hotel in Tbilisi. The agreement signed on June 28 concluded the sale of the stock for USD 100 million.

The remaining shares are remain in the ownership of Zurab Tsikhistavi, head of Supervisory board of the bank, and the EBRD.

The bank will expand with more branches, Tsikhistavi said, but the details remain to be presented. He says currently the amount of investments is more than several tens of thousands USD.

“The value of the investment package of the new investor is USD 500 000 000, which of course will improve the service and amount of proposed product,” he added.

The bank won’t change profile. It used to and will continue to be oriented at developing small and medium-sized businesses.

The deputy director of Hualing Group also said the group plans to expand the bank’s services with new branches, in order to provide financial services for local small and medium-sized business.

“Basis Bank will have the opportunity to significantly increase the number of clients and widen its own business in Central Europe and Asia.”

Basis Bank was founded in 1993, while private enterprise group Xinjiang Hualing Industry & Trade was founded in 1988. Its core business is commerce and trades, including import & export and animal husbandry development.