TBC Bank Group PLC TBC and DEG Sign USD 70 Million Loan Agreement (6459S)
June 26 2018 - 8:39AM
UK Regulatory
TIDMTBCG
RNS Number : 6459S
TBC Bank Group PLC
26 June 2018
TBC Bank and DEG Sign Loan Agreement in the Amount of USD 70
Million
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 70 million with DEG. The seven year loan facility
will primarily be used to finance small and medium size enterprises
in Georgia.
"We are very proud to be long-term partners with DEG. During the
last twenty years of very successful cooperation DEG has provided
support to TBC Bank through numerous debt facilities, technical
assistance programs and equity investments. This transaction
reflects both institutions' commitment to continue cooperation and
we look forward to many more years of productive partnership",
commented Vakhtang Butskhrikidze, Chief Executive Officer of TBC
Bank.
"We have been partnering with TBC Bank for two decades, and are
still impressed by its professional management, its agility in
adapting to the rapidly changing environment and its strong
commitment to its SME clients. With this loan we take pride in
further contributing to the positive development of the bank and
its clients in various sectors of the economy, boosting
job-creation and long lasting benefits for the country", said Petra
Kotte, Head of Division Financial Institutions and German Business
at DEG - Deutsche Investitions- und Entwicklungsgesellschaft
mbH.
For further enquiries, please contact:
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
About DEG
For more than 55 years DEG has been a reliable partner to
private-sector enterprises operating in developing and
emerging-market countries. We provide our customers with
tailor-made solutions, including financing, promotional programmes
and advice tailored to individual needs. They can thus develop
successfully and sustainably, while generating local added value
and creating qualified jobs.
Learn more: http://www.deginvest.de.
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
37.8% of loans and 38.9% of non-banking deposits as at 31 March
2018, according to data published by the National Bank of
Georgia.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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