The European Bank for Reconstruction and Development (EBRD) sold its 5 percent stake in the Bank of Georgia in an Accelerated Bookbuild Offering after the London stock market closed on Tuesday.

The stake included 1,795,503 shares, which were sold on the London Stock Exchange at GBP 24.98 per share, a small discount of the Wednesday closing price.

The relationship between EBRD and the Bank of Georgia dates back to 1995. In 2008, EBRD supplied the bank with different products and financing to help rebuild confidence in the Georgian financial market and to support the growth strategies of the bank.

“The EBRD’s role in supporting Bank of Georgia in the aftermath of the 2008 crisis is now complete," BRD Managing Director of Institutions Nick Tesseyman said. "The premium listing on the LSE was a landmark moment for the bank and the EBRD is confident that it is now well placed to continue its dynamic development in the future. The EBRD will continue to provide debt financing to Bank of Georgia going forward as part of our continued support to the Georgian financial sector.”