TBC Bank and DEG Sign EUR 30 mln Loan Agreement

RNS Number : 6363Z

TBC Bank Group PLC

15 September 2022

 

TBC Bank and DEG Sign EUR 30 million Loan Agreement

TBC Bank Group PLC ("TBC PLC") announces that its subsidiary, JSC TBC Bank ("TBC Bank"), has signed a EUR 30 million senior loan agreement with DEG - Deutsche Investitions und Entwicklungsgesellschaft mbH ("DEG"). This seven-year facility will be designated to finance small and medium-sized businesses ("SME"s), female entrepreneurs and green projects in Georgia.

Giorgi Megrelishvili, Deputy CEO, TBC Bank, commented:

"We are delighted to continue our long-standing cooperation with DEG, spanning more than two decades. Throughout our partnership, DEG has provided diversified financial resources to TBC Bank, mainly supporting the SME sector in Georgia. This new transaction is further testament to both institutions' strong commitment to supporting the sustainable economic growth of SMEs, improving access to finance for female entrepreneurs and promoting green investments in Georgia, thereby contributing to job-creation and bringing long lasting benefits to the country. I would like to thank DEG for being a long-standing partner of TBC Bank and we look forward to working with them on many more successful deals in the future."

Monika Beck, member of DEG's Management Board, commented:

"DEG is very pleased to continue its partnership with TBC. The transaction demonstrates DEG's commitment to promoting the greater participation of women in business and to green financing. TBC and DEG can look back on more than 20 years of successful cooperation and now another exciting part of the joint journey lies ahead of us."

About DEG

For 60 years, DEG has been financing and advising private enterprises operating in developing and emerging-market countries. With a portfolio of around EUR 9.2 billion, it is one of the world's largest private-sector development financiers. As an impact and climate investor, we assist companies that are transforming and aiming to seize their opportunities. Our customers do not only receive financing and advisory solutions tailored to their needs; they can also build on our market knowledge, our impact and climate expertise and our international network. In this way, we contribute together to creating more skilled jobs and local income and to improving value creation on the ground, in line with the SDGs.

For further enquiries, please contact:

Director of International Media and Investor Relations
Zoltan Szalai

Or

Head of Investor Relations
Anna Romelashvili

[e-mail]

About TBC Bank Group PLC ("TBC PLC")

TBC Bank Group PLC ("TBC PLC") is a public limited company registered in England and Wales. TBC PLC is the parent company of JSC TBC Bank ("TBC Bank") and a group of companies that principally operate in Georgia in the financial sector and other closely related fields. TBC PLC also recently expanded its operations in Uzbekistan. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.

TBC Bank, together with its subsidiaries, is a leading universal banking group in Georgia, with a total market share of 39.1% of customer loans and 40.7% of customer deposits as of 30 June 2022, according to data published by the National Bank of Georgia.

 

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