JSC TBC Bank
TBC Bank and the Black Sea Trade and Development Bank (BSTDB) have signed an agreement in the amount of GEL 48 million. The 3 year local currency SME Loan facility will enable TBC Bank to finance small and medium-sized enterprises in Georgia.
BSTDB has arranged to obtain the local currency funds through a private placement of GEL denominated bonds arranged by TBC Capital, a subsidiary of TBC Bank. This is the first such offering from BSTDB.
“We are delighted to continue our partnership with BSTDB. The transaction is of great importance not only for TBC Bank but for the entire financial sector as it enables us to provide loans in local currency that are increasingly in demand from our customers and will enable TBC Bank to further strengthen its position in the SME segment. This transaction reflects both institutions’ commitment to continue cooperation and we look forward to more years of productive partnership. In addition, the issuance of the bonds will support local capital market development” commented Vakhtang Butskhrikidze, CEO of TBC Bank.
“We are pleased to continue our successful relationship with our long-standing partner, TBC Bank and to offer a product that eliminates currency risks. This first GEL denominated loan, provided by BSTDB, will support TBC Bank in stimulating economic growth and job creation through development of Georgia’s SME sector. The new, Georgian Lari denominated facility will complement BSTDB’s existing USD 10 million SME Loan Facility and USD 10 million Trade Finance Facility with TBC Bank,” said Ihsan Ugur Delikanli, BSTDB President.
BSTDB is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s.
Further information on BSTDB is available on the institution’s website atwww.bstdb.org.