TBC Bank signs $55m two loan agreements with Dutch development bank
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One of the leading banks in Georgia, TBC Bank, has signed two loan agreements worth $55 million with the Netherlands Development Finance Company (FMO).
The FMO will provide funds through two loan facilities: a $25 million seven year loan for TBC Bank and a $30 million five year financing agreement for its wholly-owned subsidiary, Bank Republic.
TBC Bank purchased Bank Republic, a member of French Societe Generale, in September this year.
These two facilities will help TBC Bank to further strengthen its position in the small and medium-sized enterprises (SME) segment by expanding its portfolio in areas of Georgia,” said TBC Bank's CEO Vakhtang Butskhrikidze.
Financial authorities believed this partnership between TBC Bank and FMO would help expand the entrepreneurship activities of small and medium-sized business clients of TBC Bank.
The FMO is proud to conclude two new transactions with TBC Bank for the further sustainable development of the SME-sector," said Matthijs Laban, FMO's manager of legal affairs.
Finally, FMO deeply treasures its excellent, professional relationship with TBC Bank and remains convinced that TBC Bank will be an anchor point for many years to come,” he added.
One of the leading banks in Georgia, TBC Bank, is continuing its ambitious growth plan by making a $1.4 million deal to acquire 100 percent shares of local insurance company Kopenbur.
TBC Bank’s ambition to build the leading banking group in Georgia has become reality after it purchased another local bank, Progress Bank, initially founded by Georgia’s former Minister of Energy Kakha Kaladze.
Georgia’s TBC Bank is now among the world’s 12 most influential banks listed in the premium segment on the London Stock Exchange (LSE).
Liberty Bank, the third largest bank in Georgia by total assets, has announced a change of control - 74.64 percent of equity interest in the Bank has been purchased by the European Financial Group.
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.