TBC Bank completed a transaction with Symbiotics
TBC Bank Group PLC announces that its subsidiary, JSC TBC Bank ("TBC Bank") and Symbiotics (through its MSME Bond Platform) have completed a transaction in the amount of GEL 45 million (USD 18.5 million). The 3 year local currency facility will enable TBC Bank to finance micro, small and medium-sized enterprises in Georgia.
We are delighted to announce the successful completion of this transaction, which is of great importance not only for the financial sector but the entire Georgian economy. These funds will enable TBC Bank to further expand its operations throughout the country and provide local currency financing to micro, small and medium-sized businesses. This is our first transaction with Symbiotics SA and we are pleased to have begun our partnership with this local currency loan. We look forward to building a long-standing relationship and are planning more transactions in the years to come," commented Vakhtang Butskhrikidze, CEO of TBC Bank.
"We are very happy to close this first transaction with the leading financial institution of Georgia whose operations are helping to develop the small and medium enterprise segment of the market and therefore creating new opportunities and jobs in this country," remarked Daniel Schriber, Symbiotics Head of Investment Operations.
For further enquiries, please contact:
Head of Investor Relations
Anna Romelashvili
[email protected]
About SYMBIOTICS SA
Symbiotics is an investment company specialized in emerging, sustainable and inclusive finance. Since inception in 2005, it has invested USD 3.6 billion in more than 300 institutions in over 70 emerging countries, working as an advisor or manager of about 40 investment funds and many institutional investors. The firm is headquartered in Switzerland, with offices in Cape Town, London, Zurich, Mexico City and Singapore, regrouping over 100 employees globally. Symbiotics currently reaches out, indirectly through investments, to 1,600,000 small enterprises and low income households at the base of the pyramid in emerging and frontier markets. For more information please refer to www.symbioticsgroup.com.
About 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 30.3% of loans (or 37.8% taking into account TBC Bank's holding in JSC Bank Republic and 33.4% of non-banking deposits (or 37.6% taking into account TBC Bank's holding in JSC Bank Republic) as at 31 March 2017, according to the data published by the National Bank of Georgia
