Standard Bank, the troubled Georgian institution owned by Salford Capital, has been sold to Abu Dhabi Group for an undisclosed sum. The sale follows the sudden death of billionaire Badri Patarkatsishvili at his London estate.
Patarkatsishvili, who had close ties to Standard bank, was also a very vocal opponent of Georgian President Mikhail Saakashvili. Salford’s lawyers have contended that Standard Bank’s troubles were linked to Patarkatsishvili’s politics.
With the acquisition of Standard Bank, Abu Dhabi Group has said it plans to invest heavily in various Georgian industries.
Standard Bank (www.standardbank.ru)
Since 1999 Standard Bank has operated in Georgia as a retail banking institution. Abu Dhabi Group will register Standard as a commercial bank as part of their future plans. With eight offices throughout Georgia, Standard offers customary services to its retail clients, including deposit services, loans, and internet banking.
Salford Capital Partners (www.salfordcapital.com)
Salford Capital Partners is a private equity firm which is 100 % employee owned. It was founded in 2001 and focuses its activities on investment opportunities in Central and Eastern Europe, and the countries of the former Soviet Union.
With 25 employees and operations in 4 countries, Salford currently manages nearly USD 750 million in investment capital. Salford has offices in Moscow, Tbilisi, Kiev, Belgrade and London.
Abu Dhabi Group (www.dhabigroup.com)
Abu Dhabi Group is a diverse group of Iraqi business ventures whose products and services include communications, internet, security, broadcasting, construction, steel fabrication, international banking, and trading. In addition to the Iraqi companies Abu Dhabi Group also has two ventures in the United Arab Emirates and one in Canada.
March 12, 2008
Central & Eastern Europe, Exit, Georgia, Investment, Private Equity News