TBC Bank Group PLC (“TBC PLC”) announces that its subsidiary, JSC TBC Bank ("TBC Bank"), has signed three loan agreements in the total amount of USD 100 million (in two equal tranches) denominated in local currency ("GEL") with the European Bank for Reconstruction and Development ("EBRD").
The EBRD will provide funds through three loan facilities: USD 60 million denominated in GEL to support implementation of the guidelines of the EU Deep and Comprehensive Free Trade Area ("DCFTA") in Georgia, USD 20 million denominated in GEL to service specifically women-led businesses, and USD 20 million denominated in GEL to further support Small and Medium Enterprise financing in Georgia. This funding enables TBC Bank to provide long term loans in local currency. The proceeds will be used to finance investment projects promoted by large, small and medium sized companies in Georgia.
“We are delighted to continue our successful partnership with EBRD. Availability of local currency funding is of great importance for the Georgian financial sector and we are proud to have our longstanding partner, EBRD, arrange this complex transaction for TBC Bank. These facilities will help TBC Bank to further strengthen its leading position on the Georgian market,” commented Vakhtang Butskhrikidze, Chief Executive Officer of TBC Bank.
If you have any questions, please contact:
Head of Investor Relations
The EBRD is a multilateral bank committed to the development of market-oriented economies and the promotion of private and entrepreneurial initiative in more than 30 countries from Morocco to Mongolia and from Estonia to Egypt. The Bank is owned by 64 countries, the EU and the EIB.For more information please visit www.ebrd.com
About TBC PLC
TBC Bank, TBC PLC is a public limited company registered in England and Wales that was incorporated in February 2016. TBC PLC became the parent company of JSC TBC Bank (“TBC Bank”) on 10 August 2016. TBC PLC is listed on the London Stock Exchange under the symbol TBCG.
TBC Bank, together with its subsidiaries, is the leading universal banking group in Georgia, with a total market share of 31.1% of loans (or 38.9% taking into account TBC Bank's holding in JSC Bank Republic) and 33.0% of non-banking deposits (or 37.8% taking into account TBC Bank's holding in JSC Bank Republic) as at 31 December 2016, according to the data published by the National Bank of Georgia.
You can read the full RNS announcement here.