Armenian Businessman Targets Georgian Banking

Armenian financial group Arins Group, associated with businessman Karen Safaryan, has reached an agreement to acquire Georgia's Terabank and the five-star Biltmore Tbilisi hotel, expanding its presence into the Georgian market.

The transactions were announced on August 25 by Terabank and Luxembourg-based AGE S.A., which operates within the Arins Group ecosystem. The financial terms of the deal have not been disclosed.

According to Terabank, an agreement has been signed between the bank's shareholder and AGE S.A. for the acquisition of Terabank shares. Completion of the transaction remains subject to the necessary regulatory approvals from the National Bank of Georgia.

"Georgia has been selected as a priority market for regional expansion," Terabank said.

The bank is currently owned by Sheikh Nahyan Mubarak Al Nahyan, a member of the UAE royal family.

AGE S.A. subsequently announced that the transaction also covers the Biltmore Tbilisi, a landmark five-star hotel on Rustaveli Avenue. The hotel, officially owned by Dabie Group Georgia, occupies a 9,121-square-meter property at 29 Rustaveli Avenue and includes the historic IMEL building and a 36-story tower completed in 2016.

The proposed acquisition follows the group's expansion in Armenia, including its 2024 acquisition of HSBC Armenia. Ardshinbank has also been identified by Georgia's National Bank as an interested party in the Terabank transaction.

Terabank has operated in Georgia since 1999 and focuses significantly on small and medium-sized businesses. The bank's assets reportedly stood at approximately GEL 2.27 billion as of July 2026.

Meanwhile, a Telegram channel "Boiler Room" has claimed that Terabank could be acquired through Armenia's Ardshinbank in the interests of A7, a Russian international payments network associated with businessman Ilan Shor. However, this allegation has not been confirmed by Terabank, Arins Group, Ardshinbank or Georgian regulators.

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