TBC Bank Group
Holding Company of JSC TBC Bank

History

Founded in 1992 with an initial capital of USD 500, TBC Bank has become a leading Georgian universal bank with USD 598 million in equity and USD 4.1 billion in assets. TBC serves c. 2.2 million customers in its four business segments: corporate, retail, SME and micro

2016

TBC Bank has been successfully listed in the Premium Segment of the LSE. For this purpose a UK PLC has been established, becoming the parent company of TBC Bank.

2015

TBC Bank successfully merged with Bank Constanta. Former Bank Constanta branches will be rebranded as TBC Bank Constanta.

2014

 

TBC Bank successfully completed its IPO and listed GDRs on the LSE

 
TBC Bank's ownership reached 100% in Bank Constanta
2013
Basel II/III implementation project
Global Finance Magazine Awards:
  • Best Bill Payment & Presentment in the World
  • Best Integrated Internet Bank Site in the World 
CRM project
SME Business Support Program
2012
TBC Bank celebrates its 20th anniversary
 
GEL 192 million new funds raised
 
International Credit Rating upgraded
2011
Further expansion

TBC Invest is established – TBC's representative office in Israel

TBC acquires 80% shareholding in Bank Constanta, which specializes in micro - financing segment

2009
Broadening of the shareholder base 
and capital increase
EBRD, FMO, JP Morgan and Ashmore become shareholders in TBC Bank, whilst IFC and DEG contribute additional capital
2008
Geographic expansion abroad
TBC acquires 75% shareholding in TBC Kredit (formerly SOA Kredit), a non-banking credit institution in Azerbaijan
2006
Development of retail banking offering

Retail product development / marketing strategy implemented with support from BBDO (marketing) and SENTEO (consulting)

EBRD acquires 10% shareholding in TBC Leasing

 

2004
Launch of non-banking operations

TBC Leasing established by the Bank 

    (later become market leader 
    with 61% market share as at 
    31 December 2013)
2000
First IFIs enter TBC's shareholding structure
IFC and DEG each acquire 10% of 
TBC's share capital
1998
TBC enters export/import financing 
operations segment
1992
TBC is established
Initially focused on the corporate 
segment with emphasis on SMEs

TBC Bank has been successfully listed in the Premium Segment of the LSE. For this purpose a UK PLC has been established, becoming the parent company of TBC Bank.

 

TBC Bank acquires 100% of Bank Republic, making it Georgia's number one banking group according to most key metrics. TBC Bank also acquires 100% of Kopenbur, an insurance company that specialises in retail products, to boost its consumer offering.

 

 

  

 

TBC Bank successfully merged with Bank Constanta. Former Bank Constanta branches will be rebranded as TBC Bank Constanta.

TBC Bank confirms its intentions to seek a Premium Listing on the LSE

 

 

On 11 June 2014, London Stock Exchange welcomed TBC Bank to the Main Market following its listing of Global Depositary Receipts (GDRs). The Bank raised $239m at IPO, giving it a market value of $640m. TBC Bank IPO was also the largest IPO from Georgia and the largest international off-index IPO from the EMEA region.

TBC Bank ownership reached 100% of Bank Constanta.

 

 

TBC Bank maintained its market leadership in retail deposits for the seventh consecutive year, with 33% market share as at 31 December 2013.

TBC Bank was the first Georgian bank to file an ICAAP report according to Pillar II or Basel III requirements.

The Bank’s corporate governance was further enhanced through the addition of three key committees at the Supervisory Board level: (1) Risks, Ethics, and Compliance Committee, (2) Remuneration Committee, and (3) the Corporate Governance and Nomination Committee. In addition, our Audit Committee was updated to reflect international standards of best practice and Basel requirements.

In 2013, TBC Bank received several awards in different nominations from prestigious financial publications. TBC Bank was named Best Bank in Georgia and Best Foreign Exchange Provider in Georgia by Global Finance Magazine, and Best Bank in Georgia by EMEA Finance Magazine.

TBC Bank’s new internet banking platform received two global awards from Global Finance Magazine: Best Bill Payment & Presentment in the World and Best Integrated Internet Bank Site in the World. This was the first worldwide recognition for any Georgian bank.

TBC Bank continued to strengthen its multichannel capabilities by introducing the first of its kind Blackberry and iPad banking in the country, following the introduction of mobile banking applications for iPhone/Android and smartphones in 2012.

TBC Bank launched its SME Business Support Program with support from the International Financial Corporation (IFC) and Asian Development Bank (ADB). TBC Bank is the first and only bank in the Caucasus region to provide non-financial services of this kind to its customers.

TBC Bank introduced innovative branding and marketing initiatives, including the “Three Musketeers” campaign and the “Sensory” marketing project.

TBC Bank raised USD 50 million from ADB earmarked exclusively for rural SME financing. This was the first such partnership between the two institutions.

2013 also saw an exceptional transaction for the Bank with the first, private and IFI co-funded USD 35 million subordinated syndicated loan facility in the country. Cordiant Capital, a private Canadian investor, and Swedfund, the Swedish development bank, contributed USD 5 and 10 million respectively with FMO, the Dutch development bank, providing USD 20 million in this landmark agreement. This complicated transaction attracted two new investors to Georgia – the deal was the first in the region for Swedfund and the first in Georgia for Cordiant Capital since 2005.
 

TBC Bank celebrated its 20th anniversary.

The Bank maintained its leadership in Retail Deposits with a market share of 36%.

Fitch Ratings upgraded TBC Bank’s ratings in different categories: Long-term IDR was raised to ‘BB-’ from ‘B+’ and VR - to ‘bb-’ from ‘b+’, with a Stable Outlook.

TBC Bank launched the first iPhone Internet banking application in Georgia, followed by the new Android and Smartphone Internet banking applications.

TBC Bank was the first bank in Georgia to be named “Best Consumer Internet Bank in Georgia” by Global Finance Magazine and was the first bank in the Caucasus to win a regional award for the “Best Integrated Consumer Bank Site in Central and Eastern Europe” by the same publication.

Euromoney, Global Finance, and EMEA Finance named TBC Bank as the “Best Bank in Georgia 2012”.

Deutsche Bank and Commerzbank awarded TBC Bank for USD STP Excellence, with Deutsche Bank also recognizing TBC for EUR STP Excellence for the first time in 2012. This is the seventh award for STP Excellence from Deutsche Bank.

TBC Bank was named the “Best Foreign Exchange Provider in Georgia 2013” by Global Finance Magazine.

TBC Bank raised GEL 192 million in new financing through various equity and debt transactions:

GEL 25 million additional equity was injected by existing shareholders;

A EUR 50 million agreement was signed with the European Investment Bank (EIB), the largest supranational borrower and lender in the world;

A USD 20 million loan agreement was signed with the French Investment and Promotion Company for Economic Cooperation, Proparco on the Bank’s 20th anniversary. This is Proparco’s first investment in Georgia;

The second USD 10 million loan agreement was concluded under the Caucasus Energy Efficiency Program (CEEP) between TBC Bank and the European bank for Reconstruction and Development (EBRD);

A USD 5 million loan agreement was signed with Triple Jump, a Dutch investment management company.
 

 

TBC Bank entered the lucrative microfinance segment by acquiring an 80% equity interest in Bank Constanta, one of the leading microfinance institutions (MFIs) on the Georgian market.

Moody’s Investors Services upgraded TBC Bank’s long term deposit in foreign currency rating by two notches from B3 to B1 and assigned a Stable Outlook.

Fitch Ratings upgraded TBC Bank’s Viability Rating (VR) to B+ from B- and revised the Bank’s outlook to Stable.

The Banker Magazine named TBC Bank the “Bank of the Year 2011 in Georgia” for the sixth time.

Deutsche Bank awarded TBC Bank for USD STP Excellence, recognizing the Bank’s exceptional quality of payment messages.

Euromoney, one of the largest financial magazines in Europe, named TBC Bank the “Best Bank in Georgia 2011”.

TBC Bank launched its customer loyalty program SmartClub – the first of its kind on the local market.

EBRD named TBC Bank as “The Most Active Issuing Bank in Georgia in 2009” under the Trade Facilitation Programme.

Fitch Ratings revised the outlook to Stable from Negative, which was initially assigned in the wake of the financial crisis. 

The Banker Magazine named TBC Bank as the “Best Bank of the Year 2010 in Georgia”.

Deutsche Bank awarded TBC Bank for USD STP Excellence for the exceptional quality of payment messages.

EBRD, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), JP Morgan and Ashmore became TBC Bank shareholders.

TBC Bank sold its shares in the Georgian Pension and Insurance Holding (GPI Holding).

Fitch Ratings upgraded TBC Bank’s Long-term Issuer Default Rating (IDR) to 'B+' from 'B'. TBC Bank was the only bank in Georgia to receive an upgrade.

TBC Bank was granted the international certificate of quality management systems ISO 9001:2008 for the second time.

Deutsche Bank awarded TBC Bank for USD STP Excellence for the exceptional quality of payment messages.

TBC Bank opened 23 new branches, 3 new service centers and installed 80 new ATMs throughout the country.

On August 13, TBC Bank established a charitable organization “TBC Foundation” with an initial donation of GEL 5 million in order to support victims of the 2008 armed conflict. This was the largest social investment by a Georgian company to date.

Deutsche Bank awarded TBC Bank for USD STP Excellence for the exceptional quality of payment messages.

TBC Bank expanded its presence in the region by acquiring 75% of the share capital of SOA Credit (currently TBC Kredit), a non-banking credit organization operating in the financial services market in Azerbaijan.

TBC Bank was awarded the international certificate of quality management systems ISO 9001:2000.

Global Finance Magazine named TBC Bank the “Best Bank in Georgia 2007.”

Deutsche Bank awarded TBC Bank for USD STP Excellence, recognizing the Bank’s exceptional quality of payment messages.

International rating agency Fitch Ratings raised the Bank’s Long-term Issuer Default Rating (IDR) by two notches, awarding it a 'B+'.

The international agency Moody’s Investors Services assigned TBC Bank the following ratings for 2007: appraisal – stable; bank deposits in foreign currency – B3/NP; bank deposits in national currency – Ba1/NP; Bank’s financial stability – D-.

EBRD provided a 10-year USD 15 million line of credit to TBC Bank for mortgage lending.

TBC Bank's total assets exceeded USD 1 billion by year-end.

In cooperation with the international consulting company SENTEO, TBC Bank introduced a new branch design to the local market, developed in line with international standards.
 

TBC Bank and the International Finance Corporation (IFC) reached an agreement on the Implementation of the Technical Assistance Project, aimed at strengthening TBC Bank’s position in the retail segment.

The Deutsche Investitions-und Entwicklungsgesellschaft (DEG) provided a USD 10 million subordinated loan to TBC Bank.

EBRD purchased 10% of shares in TBC Leasing and provided a USD 3 million loan to the Company. This was EBRD’s first investment in the Georgian leasing sector.

CITI Bank provided a USD 35 million unsecured loan to TBC Bank. This was the largest line of credit ever provided by a foreign commercial bank to a Georgian bank.

FMO provided a 5-year USD 10 million equivalent line of credit in local currency to TBC Bank. This was one of the largest and longest term Lari financing extended to a Georgian bank at that time.

Global Finance Magazine named TBC Bank the “Best Bank in Georgia 2006.”

Fitch Ratings revised its outlook for TBC Bank from Stable to Positive.

An international organization Business Initiative Directions awarded TBC Bank a Gold Star – the international quality award.

International rating agency Moody’s Investors Services issued credit ratings for TBC Bank for the first time in the following categories: a long-term rating of B3 for foreign currency and a Baa3/P-3for local currency. The Bank’s financial strength was rated at 'E+'. 

IFC granted TBC Bank a subordinated loan of  USD 4 million, making TBC Bank the first Georgian commercial bank to receive a subordinated loan from an international financial institution.

On February 26, TBC Bank opened its new Tbilisi Head Office in a unique historical building constructed at the beginning of the 20th century. The Bank spent USD 6 million on renovating the new HQ that is listed among the city’s architectural monuments.

TBC Bank increased the maximum mortgage term to 20 years. This was a significant step for the entire Georgian banking sector considering that the previous maximum loan term in Georgia was 10 years.

IFC provided a USD 3 million line of credit to TBC Leasing, making it the organization’s first investment in the Georgian leasing sector.

TBC Bank received USD 10 million from EBRD for the financing of small and medium sized enterprises.

Global Finance Magazine named TBC Bank the “Best Bank in Georgia 2005” and the “Best Foreign Exchange Provider in Georgia 2005”.

The Banker Magazine named TBC Bank ”The Bank of the Year 2005 in Georgia”.

The international rating agency Fitch Ratings raised TBC Bank’s Long-term Issuer Default Rating (IDR) from 'CCC+' to 'B-', while its Short-term IDR improved from 'C' to 'B'.
 

TBC Bank launched its non-banking operations and established TBC Leasing which later became a market leader.

TBC Bank opened its 6th regional branch in Batumi, Adjara.

TBC Bank was named the “Best Foreign Exchange Provider in Georgia 2004” by Global Finance Magazine.

The Banker Magazine named TBC Bank ”The Bank of the Year 2004 in Georgia”.
 

The Banker Magazine named TBC Bank ”The Bank of the Year 2003 in Georgia”.

EBRD provided a USD 6 million line of credit to TBC Bank, which was the organization’s first investment in the Georgian commercial sector since the “Rose Revolution” in 2003.

TBC Bank and IFC signed an agreement on risk insurance worth EUR 2 million.
 

 

TBC Bank became the largest Georgian bank by the end of the first quarter in terms of total assets, liabilities and the size of its credit portfolio.

TBC Bank’s branch network expanded further into the eastern Georgian region Kakheti through the opening of the fifth branch in Telavi. Other regional branches included Samtskhe-Javakheti, Kvemo Kartli, Kutaisi and Poti.

TBC Bank sold its shares in the Microfinance Bank of Georgia, currently ProCredit Bank. TBC Bank was one of the co-founders of the Microfinance Bank of Georgia.

The Banker Magazine, a Financial Times Group publication, named TBC Bank ”The Bank of the Year 2002 in Georgia”.

TBC Bank was awarded for “Special Achievements in the Development of Business and Management“ at the Euromarket Business Forum 2002.

 

TBC Bank co-founded Georgian Pension and Insurance Holding (GPI Holding), the first Georgian insurance company offering pension insurance services.

TBC Bank was recognized as “The Best Georgian Company 2001” and “The Most Effective Management”, while the Bank’s CEO, Mr. Vakhtang Butskhrikidze was named “The Best Georgian Businessman 2001” at the Georgian Business Rating Ceremony. The event was organized by the Georgian Times newspaper and the marketing research company GORBI.
 

 

DEG provided the second EUR 2 million line of credit to TBC Bank.

IFC and DEG each acquired 10% equity interest in TBC Bank.

The Thompson Financial Bankwatch issued a rating for TBC Bank, making it the first Georgian company to obtain an international rating.
 

EBRD increased its investment in the TBC Bank’s Letter of Credit Support Project by USD 2 million and became a guarantor of the Bank for first class banks.

TBC Bank co-founded Microfinance Bank of Georgia, currently ProCredit Bank.
 

Mr. Vakhtang Butskhrikidze was appointed CEO of TBC Bank.

IFC provided a USD 3 million line of credit to TBC Bank for the financing of small and medium-sized enterprises.

TBC Bank and EBRD signed an agreement on the Letter of Credit Support Project, aimed at further enhancing the business environment in Georgia.

DEG provided a DEM 3 million line of credit to TBC Bank for the financing of small and medium-sized enterprises.
 

The World Bank provided a USD 1 million line of credit to TBC Bank.

In June, Coopers and Lybrand conducted the first international audit of the Bank.

TBC Bank was named “The Best Georgian Company 1995”, while Mr. Mamuka Khazaradze, the founder of TBC Bank, was named “The Best Georgian Businessman 1995” at the Georgian Business Rating Ceremony, organized by the Georgian Times newspaper and the marketing research company GORBI.

 TBC Bank was granted a license to conduct international transactions.
 

 

The joint stock company TBC Bank was founded on December 17.