China Development Bank provides $50m loan to Georgia’s TBC Bank
This is the largest facility Chinese Development Bank has ever provided to a Georgian entity, announces the TBC Bank.
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One of Georgia’s leading banks, TBC Bank, has signed its first loan agreement with China Development Bank (CDB) to the amount of $50 million.
This is the largest facility Chinese Development Bank has ever provided to a Georgian entity, announces the TBC Bank.
Funds are for general corporate purposes and will help TBC Bank to expand its financing operations for Georgian clients particularly in SME and micro segments including the evolving customer base benefiting from the increased trade with China.
We are very proud to have completed this inaugural transaction with China Development Bank. Our partnership with CDB is a logical response to the recent positive economic developments between the countries. The transaction reflects both institutions’ commitment to launch successful cooperation and we look forward to more years of productive partnership”, said Vakhtang Butskhrikidze, Chief Executive Officer of TBC Bank.
The Prosecutor's Office says that its Financial Monitoring Service launched a study of financial assets of TBC Bank, its client companies, bank administrators and particular shareholders in May 2018, which revealed that there were “signs of money laundering”.
Georgian Prime Minister Mamuka Bakhtadze spoke about the TBC Bank case at today’s press briefing, where he said that the questions raised in relation to any individual shareholder will not weaken the bank’s standing.