TBC Bank Group PLC TBC Bank and Citi sign a $67 mln loan agreement (0409J)
07 Aprile 2020 - 10:28AM
UK Regulatory
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RNS Number : 0409J
TBC Bank Group PLC
07 April 2020
TBC Bank and Citi sign a $67 million trade finance facility
TBC Bank Group PLC ("TBC PLC") announces that its subsidiary,
JSC TBC Bank ("TBC Bank"), has signed a USD 67 million Trade
Finance Facility with Citi. Proceeds of this facility will support
import and export transactions for customers of TBC Bank,
increasing the volume and value of trade transactions in Georgia's
key economic sectors. This is the first Trade Finance Facility
arranged by Citi for TBC Bank.
Vakhtang Butskhrikidze, CEO, TBC Bank, commented: "We have
long-standing partnerships with the leading international banks and
financial institutions around the world in trade finance, and we
are actively supporting Georgian businesses to expand their trade
activities abroad. Currently, our market share in trade financing
in Georgia stands around 50% and with this new facility, we will be
able to further increase our support to local businesses and
contribute to the economic development of our country."
Chafic Haddad, EMEA Head of Financial Institutions and
Correspondent Banking, Treasury and Trade Solutions, Citi ,
commented: "This is the debut Trade Finance Facility between Citi
and TBC Georgia. By delivering this Trade Finance Facility to one
of the leading Financial Institutions in Georgia, Citi has
underlined its commitment to support growth in key developing
markets. We are proud of our long standing relationship with TBC
Bank and the Georgian banking sector as a whole".
For further enquiries, please contact:
Director of International Media and Investor Relations
Zoltan Szalai
Or
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
About Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management. Additional information may be found at
www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi
| Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi
| LinkedIn: www.linkedin.com/company/citi
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
and is a constituent of the FTSE 250 Index.
TBC Bank, together with its subsidiaries, is the leading
universal banking group in Georgia, with a total market share of
39.5% of loans and 39.0% of non-banking deposits as at 31 December
2019, according to data published by the National Bank of
Georgia.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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April 07, 2020 04:28 ET (08:28 GMT)
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