TBC Bank Group PLC TBC and EIB sign a GEL 90 mln loan agreement (9526X)
24 Dicembre 2019 - 8:46AM
UK Regulatory
TIDMTBCG
RNS Number : 9526X
TBC Bank Group PLC
24 December 2019
TBC and EIB sign a GEL 90 million equivalent 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 GEL 90 million equivalent with the European Investment
Bank (EIB). The funds are available to draw either in EUR, USD or
GEL. The five year loan facility will be used primarily to finance
micro, small and medium size businesses in Georgia and support the
development of private enterprise.
Vakhtang Butskhrikidze, CEO, TBC Bank, commented:
"I am very pleased that over time we have built such a
successful partnership with the European Investment Bank. This is
TBC's first transaction in Georgian Lari with EIB, and is a
testament to the truly close working relationship we have formed
since the launch of our partnership in 2012. Local currency funding
is of great importance for the Georgian financial sector as it
allows to reduce dependence upon borrowing in foreign currencies.
Local currency funding will protect business owners and households
from direct exposure to exchange rate risk while it helps to
de-dollarise TBC Bank's portfolio."
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.
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
38.7% of loans and 39.3% of non-banking deposits as at 30 September
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.
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