TBC Bank Group PLC TBC Bank and OPEC Fund sign the loan agreement (2595H)
23 Marzo 2020 - 4:50PM
UK Regulatory
TIDMTBCG
RNS Number : 2595H
TBC Bank Group PLC
23 March 2020
TBC Bank and OPEC Fund sign a $50 million trade finance 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 USD 50 million with the OPEC Fund for International
Development (the "OPEC Fund"). The three-year loan facility will be
used primarily to finance the international trade activities of TBC
Bank customers.
TBC Bank and the OPEC Fund enjoy a long-standing partnership. In
2012, the OPEC Fund approved a US$10 million trade finance loan to
TBC Bank, mostly related to the import of goods. In 2017, the OPEC
Fund participated with a further US$25 million in a syndicated term
loan to TBC Bank, arranged by FMO, the Dutch development bank to
support international trade of Georgia.
Vakhtang Butskhrikidze, CEO, TBC Bank, commented: "I am very
pleased that over time we have built such a successful partnership
with the OPEC Fund. With this new facility, TBC Bank will continue
to more actively support local businesses to expand their import
and export activities and engage in international markets."
"International trade is important to the global economy, and it
is crucial to a small country such as Georgia," says the OPEC Fund
Director-General, Dr Abdulhamid Alkhalifa. "We are pleased to work
with TBC Bank once more. Our loan will support international trade
and ultimately improve employment opportunities and economic growth
in Georgia."
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 the OPEC Fund
The OPEC Fund is a development finance institution established
by the member states of OPEC in 1976. The OPEC Fund works in
cooperation with developing country partners and the international
donor community to stimulate economic growth and alleviate poverty
in all disadvantaged regions of the world. It does this by
providing financing to build essential infrastructure, strengthen
social services and promote productivity, competitiveness and
trade. The OPEC Fund's work is people-centered, focusing on
projects that meet basic needs - such as food, energy, clean water
and sanitation, healthcare and education. The OPEC Fund aims to
encourage self-reliance and inspire hope for the future.
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
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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