Armenian Arins Group Acquires Georgia's Terabank and Biltmore Tbilisi Hotel

Georgia's banking sector has drawn a rare cross-border buyer. Terabank JSC, the country's sixth-largest bank by assets, and the five-star Biltmore Tbilisi hotel confirmed on August 25 that they have been sold to Arins Group, a financial group owned by Armenian businessman Karen Safaryan. Financial terms of the transaction were not disclosed.

The twin acquisition marks one of the most significant Armenian investments into Georgia's financial and hospitality sectors to date, and comes as capital flows between the two neighbours accelerate alongside the broader normalisation of commerce across the South Caucasus.

A Bank and a Landmark Change Hands

Terabank has been controlled by shareholders linked to the UAE-based Dhabi Group, and local media have tied the sale to the investor's broader exit from the Georgian market, according to reporting by JAMnews. The Biltmore Tbilisi, one of the capital's most prominent luxury hotels, was part of the same ownership structure.

The National Bank of Georgia has not yet officially confirmed the transaction. Under Georgian law, any acquisition of a significant stake in a licensed bank requires regulatory approval, meaning the deal's completion timeline depends on the supervisor's review of the acquiring group and its beneficial owners.

Questions Analysts Are Asking

Georgian analysts quoted in local media have raised questions about the deal's ultimate beneficiaries and financing, speculation the parties have not addressed publicly. The absence of a disclosed purchase price has added to the scrutiny, which is likely to keep the regulatory review in the spotlight through the autumn.

For Georgia's banking market, dominated by TBC Bank and Bank of Georgia with roughly 70 percent of assets between them, a recapitalised mid-tier lender under new ownership could sharpen competition in retail and SME lending. For Armenian capital, the transaction is a milestone: Armenian groups have historically invested in Georgian real estate and tourism, but a controlling position in a licensed Georgian bank is new territory.

Photo: Unsplash

Further Reading

• Georgia FDI Reaches $1.9 Billion in 2025 as Azerbaijan Becomes Second-Largest Source
• TBC Bank Posts 14th Straight Quarter of 23%+ ROE on Georgia Loan Growth