TBC Bank and FMO Sign GEL 300 mln Loan agreement

RNS Number : 4134V

TBC Bank Group PLC

09 August 2022

 

TBC Bank and FMO Sign GEL 300 million Loan agreement

TBC Bank Group PLC ("TBC PLC") announces that its subsidiary, JSC TBC Bank ("TBC Bank"), has signed a GEL 300 million loan agreement with FMO, the Dutch entrepreneurial development bank. This five year, local-currency facility will primarily be used to finance young entrepreneurs and mortgage borrowers, green projects, as well as micro, small and medium size enterprises in Georgia.

Mr. Vakhtang Butskhrikidze, CEO, TBC Bank, commented:

"We are proud to have an impressive track record of successful cooperation with FMO spanning more than sixteen years, which is a testament to our truly efficient working relationship. This is our second collaboration on a local currency facility since 2018. Facilities of this kind are very important for us as they support the de-dollarization of the Georgian economy and provide highly needed long-term, local-currency loans to our business and retail customers. I would like to thank FMO for being a long-standing supporter of TBC Bank and we look forward to working with them on many more successful deals in the future".

Huib-Jan de Ruijter, Chief Investment Officer FMO, said:

"FMO is thrilled to support our long-term partner TBC Bank once again with this latest round of financing in much-needed local currency, contributing to the de-dollarization of Georgia's economy. This facility also aligns perfectly with our broader FMO strategy of reducing inequalities and supporting financial inclusion, with an emphasis on youth and MSME entrepreneurs, thus positively contributing to job creation and retention across the country. Above all, we look forward to our sustained collaboration with TBC in the future."

About FMO

FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50-year proven track record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have a high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 12.1 billion spanning over 85 countries, FMO is one of the larger bilateral private sector developments banks globally. For more information: please visit www.fmo.nl

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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 38.9% of customer loans and 40.3% of customer deposits as of 31 March 2022, according to data published by the National Bank of Georgia.

 

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