TBC Bank Receives GEL 54 Million Debt Financing
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 20 million in local currency equivalent with the European Fund for Southeast Europe (EFSE).
"EFSE is a long term partner of TBC Bank and we are very proud to have built a truly successful partnership with this distinguished institution. Local currency funding is very important not only for TBC Bank, but also for the entire Georgian financial sector. This five year facility will make it possible for TBC Bank to offer local currency loans to our customers, which is especially important at this stage of the development of the country" commented Vakhtang Butskhrikidze, Chief Executive Officer of TBC Bank.
EFSE Board Chairman Christoph Tiskens said, "TBC Bank has been an ideal partner in providing additional financing to EFSE's target group of MSEs in Georgia. Its strong rural presence makes the bank particularly well positioned to serve communities that might otherwise have difficulty accessing funding endeavors that are very much in line with EFSE's goal of promoting local small business growth in Georgia."
For further enquiries, please contact:
Head of Investor Relations
Anna Romelashvili
[email protected]
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 38.2% of loans and 38.6% of non-banking deposits as at 30 September 2017, according to data published by the National Bank of Georgia.
About the European Fund for Southeast Europe
The European Fund for Southeast Europe was initiated by KfW Development Bank (KfW) with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. It aims to foster economic development and prosperity in Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, the former Yugoslav Republic of Macedonia, Kosovo, Georgia, Moldova, Montenegro, Romania, Serbia, Ukraine and Turkey. As access to finance is a key success factor in developing the micro, small and medium enterprise segments, EFSE focuses on assisting local financial sectors in strengthening their ability to ensure adequate and sustainable financing. The funding EFSE provides as long-term finance primarily for micro and small enterprises (MSEs) but also for private households in the form of home improvement loans is channeled to these loan customers through local partner lending institutions. Supporting EFSE's investment activities is the EFSE Development Facility, which provides partner lending institutions with technical assistance, consulting and training services to build operational capacities and professional management. For more information about the European Fund for Southeast Europe, please visit: http://www.efse.lu/
