Bank of Georgia Group

No, Ruben Vartanian has

sold his share and he sold it to Bank of Georgia Group and Bank of Georgia Group is based in London and main investors to it are BlackRock and Vanguard and other groups.

So those are the real owners of Ameriabank right now.

Haram, can I take us back to discuss the megawattage, essentially, the amount of electricity that's viable? Now, this Harastan AI data center that is created, it's currently consuming about 15 to 20 megawatts of power, and it is slated to consume about 300.

First of all, we're looking for in situations like that and what we saw when we first bought into Georgia Capital in 2019 and then added to it in 2021. is where we think there's a lot of value in both the trust itself and also in the underlying portfolio.

So when we were buying in originally, Bank of Georgia was valued around 0.5 times book.

That's the listed part of Georgia Cap's portfolio, Bank of Georgia, which is now called Lion Finance.

If you look at it today, it's around two times book, which obviously, you know, we still think it's a fantastic company, but that is much more fully valued than when we were originally buying.

And we also think that a lot of the easy money is probably being made online finance.

For me, I'm not going to say what I'm doing, but I have familial ties in different places and I've already got my plan.

But why doesn't somebody just get on a plane and go to Tbilisi? You can open a bank account at Bank of Georgia.

They speak English.

They'll open a bank account for you.

And to almost split that into three, we've had like ING, which is a core European bank, which is still doing phenomenally well and what's coming through now is it used to grow at like one percent per year and now loan book and is now growing at six percent and that combined with the fact that the margins still coming up from the hill means its returns used to be about 12 and now they're targeting 16 plus i saw a south side out of their writing they can do 20. and almost if you believe they can do 20 there's a lot of upside left we more skeptical okay and that's why we now see also close to fair value and then i mean the other stuff some like the greeks we first invested in some of the greek banks five years ago they've done 600 700 in that period but they were from the bankrupt everyone hated them stage to now being extremely profitable the country is doing extremely well so even though they've done so well we still see some upside there And then to the periphery in one of our favorite areas now is the Eastern Europeans, as Corky mentioned.

But like Lion Finance, the old Bank of Georgia, they are dominant play in Georgia.

They make 30% ROTEs.

And then they bought the second largest bank in Armenia, which for a PE of three.