TBC Bank Group PLC (“TBC PLC”) has yesterday signed an agreement to acquire 100% of JSC Insurance Company Kopenbur for USD 1.4 m in cash. This transaction is in line with TBC PLC’s strategy to enhance its product offering to its customers.
Kopenbur is focused on the retail segment in Georgia, with particular strength in motor insurance, and complements the traditional Bancassurance products and services offered to TBC Bank customers.
After the acquisition, Kopenbur will become the main Bancassurance partner of TBC Bank. Its product portfolio will include Motor, Travel, Personal Accident, Credit Life, Individual and Group Life, Business Property and Liability Insurance services.
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About TBC PLC
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.
About TBC Bank
TBC Bank, together with its subsidiaries, is one of the leading universal banking groups in Georgia, with a total market share of 28.2% of loans and 29.3% of non-banking deposits in Georgia as at 30 June 2016, according to data published by the NBG. It holds the number one position in deposits of individuals, the number two position in loans (both to individuals and to legal entities) and in deposits of legal entities, according to NBG data, and has a particular expertise in the fast-growing SME and micro sectors, where TBC Bank considers itself a market leader.