TBC Bank Group PLC TBC Bank Receives GEL54 Million Debt Financing (4017Z)
December 14 2017 - 7:58AM
UK Regulatory
TIDMTBCG
RNS Number : 4017Z
TBC Bank Group PLC
14 December 2017
TBC Bank Receives GEL 54 Million Debt Financing
TBC Bank Group PLC ("TBC PLC") announces that its subsidiary,
JSC TBC Bank ("TBC Bank"), has signed a loan agreement in the
amount of USD 20 million in local currency equivalent with the
European Fund for Southeast Europe (EFSE).
"EFSE is a long term partner of TBC Bank and we are very proud
to have built a truly successful partnership with this
distinguished institution. Local currency funding is very important
not only for TBC Bank, but also for the entire Georgian financial
sector. This five year facility will make it possible for TBC Bank
to offer local currency loans to our customers, which is especially
important at this stage of the development of the country"
commented Vakhtang Butskhrikidze, Chief Executive Officer of TBC
Bank.
EFSE Board Chairman Christoph Tiskens said, "TBC Bank has been
an ideal partner in providing additional financing to EFSE's target
group of MSEs in Georgia. Its strong rural presence makes the bank
particularly well positioned to serve communities that might
otherwise have difficulty accessing funding endeavors that are very
much in line with EFSE's goal of promoting local small business
growth in Georgia."
For further enquiries, please contact:
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
About TBC Bank Group PLC ("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. 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
38.2% of loans and 38.6% of non-banking deposits as at 30 September
2017, according to data published by the National Bank of
Georgia.
About the European Fund for Southeast Europe
The European Fund for Southeast Europe was initiated by KfW
Development Bank (KfW) with the financial support of the German
Federal Ministry for Economic Cooperation and Development (BMZ) and
the European Commission. It aims to foster economic development and
prosperity in Albania, Armenia, Azerbaijan, Belarus, Bosnia and
Herzegovina, Bulgaria, Croatia, the former Yugoslav Republic of
Macedonia, Kosovo, Georgia, Moldova, Montenegro, Romania, Serbia,
Ukraine and Turkey. As access to finance is a key success factor in
developing the micro, small and medium enterprise segments, EFSE
focuses on assisting local financial sectors in strengthening their
ability to ensure adequate and sustainable financing. The funding
EFSE provides as long-term finance primarily for micro and small
enterprises (MSEs) but also for private households in the form of
home improvement loans is channeled to these loan customers through
local partner lending institutions. Supporting EFSE's investment
activities is the EFSE Development Facility, which provides partner
lending institutions with technical assistance, consulting and
training services to build operational capacities and professional
management. For more information about the European Fund for
Southeast Europe, please visit: http://www.efse.lu/
This information is provided by RNS
The company news service from the London Stock Exchange
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