TBC and DEG Sign USD 70 Million Loan Agreement

RNS Number : 6459S

TBC Bank Group PLC

26 June 2018

 

TBC Bank and DEG Sign Loan Agreement in the Amount of USD 70 Million

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 70 million with DEG. The seven year loan facility will primarily be used to finance small and medium size enterprises in Georgia.

"We are very proud to be long-term partners with DEG. During the last twenty years of very successful cooperation DEG has provided support to TBC Bank through numerous debt facilities, technical assistance programs and equity investments. This transaction reflects both institutions' commitment to continue cooperation and we look forward to many more years of productive partnership", commented Vakhtang Butskhrikidze, Chief Executive Officer of TBC Bank.

"We have been partnering with TBC Bank for two decades, and are still impressed by its professional management, its agility in adapting to the rapidly changing environment and its strong commitment to its SME clients. With this loan we take pride in further contributing to the positive development of the bank and its clients in various sectors of the economy, boosting job-creation and long lasting benefits for the country", said Petra Kotte, Head of Division Financial Institutions and German Business at DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH. 

For further enquiries, please contact:

Head of Investor Relations

Anna Romelashvili 

[e-mail]

About DEG

For more than 55 years DEG has been a reliable partner to private-sector enterprises operating in developing and emerging-market countries. We provide our customers with tailor-made solutions, including financing, promotional programmes and advice tailored to individual needs. They can thus develop successfully and sustainably, while generating local added value and creating qualified jobs.

Learn more: http://www.deginvest.de.

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 37.8% of loans and 38.9% of non-banking deposits as at 31 March 2018, according to data published by the National Bank of Georgia.

 

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