TBC Bank Group
Holding Company of JSC TBC Bank

Press Releases

February 20, 2015

TBC Bank Obtains Gel 100 Million Loan From ADB

TBC Bank, TBC Broker and Asian Development Bank (ADB) completed the transaction to the amount of GEL 100 million. The 3 year local currency facility will enable TBC Bank to finance micro, small and medium-sized enterprises in the country’s regions. 

 

This is the largest-ever local currency loan granted to a Georgian bank. ADB obtained the local currency funds through a private placement of GEL-denominated bonds arranged by TBC Broker, a subsidiary of TBC Bank. 
 
“We are delighted to be a part of this landmark transaction which is of great importance not only for the financial sector but the Georgian economy as a whole. These funds will enable TBC Bank to further expand its operations in the regions and provide local currency financing to micro, small and medium-sized businesses. We place great value on our long-standing relationship with ADB and look forward to further successful transactions in the years to come,” commented Vakhtang Butskhrikidze, CEO of TBC Bank.
 
ADB issued the 3-year bonds at par, with a floating rate coupon that resets quarterly based on National Bank of Georgia’s 3-month Certificate of Deposit yield. The bonds will mature on 15 February 2018.
 
“We are pleased to offer a product that eliminates currency risks and stimulates private investment and employment throughout Georgia,” said Todd Freeland, Director General of ADB’s Private Sector Operations Department.