Bank of Georgia acquires Belarusian bank for $34 mln

TBILISI, May 13 (Reuters) - Bank of Georgia (BGEOq.L: Quote, Profile, Research), Georgia's largest bank by assets, agreed on Tuesday to pay $34.2 million for a 70 percent stake in Belarusian Narodny Bank.

"It's a medium-sized bank and it has made a very good impression on us," Nika Enukidze, chairman of the supervisory board at Bank of Georgia, told Reuters.

Bank of Georgia is the only Georgian lender listed on the London Stock Exchange. It raised $160 million in an initial public offering in November 2006 and net profit last year almost tripled to 75.4 million lari ($47.7 million). (Reporting by Margarita Antidze, editing by Robin Paxton)