Finance
Armenia's Arins Group Moves on Georgia's Terabank in Cross-Border Banking Deal
September 2, 2026
5
Min
Arins Group, the Armenian financial holding that owns roughly 99 percent of Ardshinbank, has agreed to acquire Georgia's Terabank and the Biltmore Tbilisi hotel, in a transaction that would bring one of Armenia's largest financial groups into the Georgian banking market for the first time.
Terabank's shareholder and Luxembourg-registered AGE S.A., part of the Arins ecosystem, have signed an agreement on the acquisition of shares in the bank, according to reporting by JAMnews, drawing on a Radio Free Europe/Radio Liberty report. The value of the deal has not been disclosed. AGE S.A. later confirmed that the Biltmore hotel is included.
What is being bought
Terabank has operated in Georgia since 1999 and took its current name in 2016. It ranks sixth in the country by assets, which stood at 2.27 billion lari (about $835 million) in July 2026.
The existing ownership is predominantly Emirati. Sheikh Nahayyan Mubarak Al Nahyan holds 80 percent and Sheikh Mohamed Butti Al Hamed a further 15 percent, with the remaining 5 percent held by Russian company Investment Trading Group LLC. Sheikh Nahayyan's investments also financed the Biltmore Tbilisi, whose construction and fit-out cost about $140 million according to opposition politician Roman Gotsiridze.
By selling both assets, the UAE-based Dabi Group would exit the Georgian market. The company has not publicly explained the decision.
The buyer
Arins Group's sole shareholder is Armenian businessman Karen Safaryan. The group's principal asset, Ardshinbank, is Armenia's largest bank by assets with roughly 21 percent of the domestic banking system, holds ratings from S&P Global, Moody's and Fitch, and works with the European Bank for Reconstruction and Development and the European Investment Bank's specialised unit. Safaryan also owns Armenia Insurance and several investment funds.
In a statement, Terabank said Georgia had been selected as a priority market for regional expansion "taking into account the country's economic growth, balanced macroeconomic policy and strong supervisory framework in the financial sector." AGE S.A. said it plans to increase financing for small and medium-sized businesses and to expand corporate and retail banking.
Not yet done
The change of ownership is not complete. Georgian law requires National Bank of Georgia approval for the sale of a significant stake in a commercial bank, and the regulator said on 24 August that it had been informed of Ardshinbank's interest but had not been formally approached at that point. The regulator must examine the investor's financial position, ownership structure and source of funds before deciding. The hotel sale is likewise subject to completion of legal procedures.
Unverified claims around the deal
Reporting on the transaction has been accompanied by speculation about a Russian connection. The claim originated with the Russian Telegram channel Boilernaya, which suggested the acquisition could serve the interests of Russian payments company A7 and Moldovan businessman Ilan Shor. The channel provided no evidence, and neither Terabank, Arins Group nor the National Bank of Georgia has confirmed any connection with A7. A7 was added to the EU sanctions list in July 2025 and has also been sanctioned by the United Kingdom.
The same channel alleged that businessman Vano Chkharishvili had lobbied for the deal. Chkharishvili denies any involvement and says he played no role in the sale of either asset.
Stripped of the speculation, the commercial logic is legible enough: a well-capitalised Armenian group buying a mid-sized bank in a faster-growing neighbouring market, at a moment when regional trade flows through Georgia are expanding.
