The largest player was established in the Georgian insurance and hospital markets, as on April 5th, insurance Company ALDAGI BCI became the owner of an 85% capital share of IMEDI L, in a deal of GEL 8 million (EUR 3.8 million), announced by COMMERSANT.

According to the most recently published market data (3 quarters of 2011) by the National Bank of Georgia, Aldagi BCI has a market share of 17.1 % of the Georgian insurance market and IMEDI L has a market share of 16.3%, mentioned on the website of ALDAGI BCI.

As a result of the merger total number of retail clients will exceed 420,000. Also, there will be a significant increase in healthcare business hold by ALDAGI BCI where number of hospitals will equal 26 with more than 1200 beds.

The Bank of Georgia has agreed a capital injection of GEL 32.5 million (EUR 15.4 million) into ALDAGI BCI and as a result the private capital of ALDAGI BCI has exceeded GEL 77 million (EUR 39.4 million). After the merger ALDAGI BCI will be the owner of the biggest capital on Georgian insurance market that will be a guarantor for the more stable environment and high quality service.

"I am very glad that the transaction has finished successfully and want to congratulate the shareholders as well as every employee of the Company. The increased shares on insurance and healthcare markets are the result of our strategy, that will ensure to deliver more stable and high quality service to our customers", said Nikoloz GAMKRELIDZE, General Director of ALDAGI BCI.