AIB mulls investment in Georgia

AIB has met with the National Bank of Georgia (NBG) to discuss investment opportunities in the country’s multi-million euro banking sector.

The Irish Examiner has learned that AIB is interested in a share of the $700 million (€505m) worth of investment expected to be pumped into Georgia’s banking sector this year.

Georgia’s central bank said that AIB is studying various investment opportunities in the sector.

President of NBG Roman Gotsiridze briefed visiting officials from AIB “about current state of affairs in the country’s banking sector and has also discussed AIB’s interest to invest in Georgia’s commercial banks,” according to the NBG.

Mr Gotsiridze said that banking sector is one of the leading segments of the country’s economy and added that $700m is expected to be invested in the sector this year.

He also said that investments of up to $2.5 billion are awaited in Georgia this year.

Georgia is bordered on the north by Russia, on the south by Turkey and Armenia, and on the east by Azerbaijan.