Smaller Related Party Transaction

RNS Number : 7552W

TBC Bank Group PLC

16 November 2017

 

Smaller Related Party Transaction TBC Bank Group PLC ("TBC PLC") is pleased to announce that in order to secure a plot to build the new corporate headquarters allowing TBC PLC to rationalise its legacy of different HQ buildings, it has entered into a swap agreement with JSC Lisi Lake Development ("LLD") and its wholly owned subsidiary LLC Lisi FO ("LFO"). LLD, which is controlled by the founders of JSC TBC Bank ("TBC Bank") (who are also directors of TBC PLC), will exchange titles to land plots with a total area of 16.2 hectares  for a creditor`s right that TBC Bank holds on a secured non-performing loan (the "Transaction").  The two assets were valued at $13.7m as at 30 September 2017 by an internationally reputable audit company. The Transaction was closely monitored by TBC PLC audit committee.   The Transaction is a smaller related party transaction under Listing Rule 11.1.10R. For further enquiries, please contact: Head of Investor Relations Anna Romelashvili  [e-mail] 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 the data published by the National Bank of Georgia.

 

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