TBC Bank and EIB Sign EUR30 Million Loan Agreement

RNS Number : 1504C

TBC Bank Group PLC

27 September 2018

 

TBC Bank and EIB Sign EUR 30 Million Loan Agreement

TBC Bank Group PLC ("TBC PLC") announces that its subsidiary, JSC TBC Bank ("TBC Bank"), has signed a loan agreement in the amount of EUR 30 million with the European Investment Bank (EIB). The five year loan facility will primarily be used to finance small and medium size enterprises in Georgia.

"We are proud to have built such a successful relationship with EIB, TBC Bank's long standing partner. This is already the fourth transaction we have accomplished since the launch of our partnership in 2012, which is a testament to the truly efficient working relationship our respective organizations have formed. This facility will help TBC Bank to further strengthen its leading position in the Georgian small and medium enterprise (SME) segment", commented Vakhtang Butskhrikidze, Chief Executive Officer of TBC Bank

EIB Vice-President Vazil Hudák commented: "Thanks to EIB support, Georgian SMEs will improve their access to long term finance, which is a prerequisite for their growth and competitiveness. This will help create new job opportunities and foster the general development of Georgia's economy. Through this new loan to TBC Bank, the EIB contributes to the implementation of EU external policy objectives to stabilise and promote the private sector in the Eastern Partnership Region".

For further enquiries, please contact:

Director of International Media and Investor Relations                                     Head of Investor Relations

Zoltan Szalai                                                                                                                Anna Romelashvili 

[e-mail]                                                                                                   [e-mail]

About EIB

The European Investment Bank (EIB) is the European Union's bank. It is the long-term lending institution of the EU and is the only bank owned by and representing the interests of the European Union Member States. It makes long-term finance available for sound investments in order to contribute towards EU policy goals. The EIB works closely with other EU institutions to implement EU policy.

As the largest multilateral borrower and lender by volume, the EIB provides finance and expertise for sound and sustainable investment projects which contribute to furthering EU policy objectives. More than 90% of EIB activity is focused on Europe but it also supports the EU's external and development policies.

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 38.3% of loans and 39.5% of non-banking deposits as at 30 June 2018, according to the data published by the National Bank of Georgia.

 

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