EBRD reduces equity stake in Georgia's TBC Bank, retains 3.5% of shares
The bank sold 850,000 shares in an accelerated bookbuild placement on the London Stock Exchange, EBRD said, adding the shares sold on November 22 represented 1.5 percent of TBC Bank’s total shares. Photo: Nino Alavidze/agenda.ge
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The European Bank for Reconstruction and Development on Tuesday announced it had reduced its equity stake in TBC Bank, one of the largest lenders in Georgia.
The bank sold 850,000 shares in an accelerated bookbuild placement on the London Stock Exchange, EBRD said, adding the shares sold on November 22 represented 1.5 percent of TBC Bank’s total shares.
EBRD retains a 3.5 percent stake in its “longstanding partner", a press release of the bank said, adding as a continuing shareholder it remained committed to supporting TBC Bank in its regional expansion.
EBRD acquired shares in TBC Bank in 2009 as part of a larger funding package. In 2012, together with other international financial institutions as shareholders, the former participated in a rights issue by TBC Bank. Subsequently, the bank was successfully listed on the LSE in 2014, and upgraded into the premium segment of the main market in 2016.
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).
TBC Bank, the largest bank in Georgia by retail deposits, raised $239 million USD (400 million GEL) at its initial public offering (IPO), giving it a market value of $640 million (1.13 billion GEL).
Georgia’s Prime Minister is in London to see Georgia’s TBC Bank sell its stock for the first time to the public on the London Stock Exchange.
Commercial banks in Georgia loaned ₾43.24 billion ($15.87bln) and received deposits of ₾42.31 billion ($15.53bln) in October 2022, the latest data from the National Bank of Georgia shows.
Georgia has become the first country in the world to adopt a new and improved Bloomberg e-bond solution for repos, or purchase agreement - a form of short-term borrowing for dealers in government securities, the national bank of Georgia announced on Wednesday.
Commercial banks in Georgia loaned ₾43.65 billion ($16.17bln) and received deposits of ₾42.62 billion ($15.79bln) in November 2022, the latest data from the National Bank of Georgia shows.
An annual report by the European Bank for Reconstruction and Development on Monday said the institution had offered a total of €218 million to Georgia in 2022, with investments ranging from healthcare to energy efficiency and from financing for small and medium-sized enterprises to credit lines to local banks and trade.