It is one of the oldest and most successful basketball clubs of Georgia and the former USSR, having won numerous national titles and the 1962 FIBA European Champions Cup (EuroLeague).

In 1960, Dinamo reached the final of the FIBA European Champions Cup (the predecessor of the current EuroLeague), where they were defeated by Rīgas ASK in 2 games.

Two years later, they once again reached the final of this competition, and on that occasion, they were crowned as Europe's best team by defeating Real Madrid in a one-off game in Geneva.

However, Bank of Georgia became the club patrons in 2011, President of the club was former National team captain Vakhtang Natsvlishvili which allowed the squad to be strengthened with foreign imports, and more ambitious targets to be established for the future.

In October 2018, two-time NBA champion Zaza Pachulia and former basketball player Shio Khetsuriani purchased the team.