TBC Bank Group PLC TBC Bank and EFSE sign the agreement (9621P)
15 Ottobre 2019 - 2:49PM
UK Regulatory
TIDMTBCG
RNS Number : 9621P
TBC Bank Group PLC
15 October 2019
TBC Bank and EFSE sign agreement to boost local currency
financing for Georgian households and businesses
In a signing ceremony to mark "The Power of Local Currency
Financing" in Chi in u (Moldova), TBC Bank - the largest bank in
Georgia - and the European Fund for Southeast Europe (EFSE) signed
three loan agreements totalling in excess of EUR 23 million. (c. 77
m GEL)
The funds will be lent to TBC Bank customers spanning micro and
small enterprises (MSEs) and private households to finance their
future plans using loans in Georgian Lari - reducing dependence
upon borrowing in foreign currencies. This will protect business
owners and households from direct exposure to exchange rate risk as
well as de-dollarising TBC Bank's portfolio.
EFSE Board Chairman Christoph Tiskens said:
"TBC Bank and EFSE have long enjoyed a fruitful, strategic
partnership in pursuing our joint goal of expanding access to
sustainable financing in Georgia. We believe it is important not
only to provide entrepreneurs and homeowners with the resources
they need to thrive, but to make these resources available in the
same currency with which people conduct their business and personal
finances. This is how we invest in secure growth and prosperity in
the long term."
Commenting on the announcement, TBC Bank CEO Vakhtang
Butskhrikidze:
"We are proud to sign these important agreements with EFSE - a
trusted, long-term partner of both TBC Bank and Georgia. Together,
we have built a successful and enduring partnership, with more than
USD 200 million provided by EFSE in local and foreign currencies
over last 8 years. Local currency funding is of critical importance
to the Georgian financial sector, helping our banks to provide
much-needed loans in Lari to our business and retail
customers".
About EFSE
One of the largest development finance funds worldwide, the
European Fund for Southeast Europe (EFSE) aims to foster economic
development and prosperity in Southeast Europe and the Eastern
Neighbourhood Region by investing in the success of micro and small
enterprises as well as improved living conditions for private
households. As access to financial services is key to developing
this segment, EFSE focuses on helping local financial sectors
strengthen their ability to provide responsible financing for this
target group. Alongside its investment activities through local
partners, EFSE multiplies its impact through the EFSE Development
Facility, which provides technical assistance, training, and other
nonfinancial support to entrepreneurs and institutions.
EFSE was initiated by KfW Development Bank with the financial
support of the German Federal Ministry for Economic Cooperation and
Development (BMZ) and the European Commission. As the first
public-private partnership of its kind, EFSE draws its capital from
donor agencies, international financial institutions, and private
institutional investors.
Finance in Motion GmbH, Germany, serves as EFSE's advisor and
Hauck & Aufhäuser Fund Services S.A., Luxembourg, acts as
manager.
For more information on the European Fund for Southeast Europe,
please visit: www.efse.lu
For more information on Finance in Motion, please visit:
www.finance-in-motion.com
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 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 FTSE 250 Index.
TBC Bank, together with its subsidiaries, is the leading
universal banking group in Georgia, with a total market share of
38.5% of loans and 41.0% of non-banking deposits as at 30 June
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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