TBC Bank and FMO sign GEL 300 million loan agreement
TBC Bank Group PLC (“TBC PLC”) announces that its subsidiary, JSC TBC Bank (“TBC Bank”), has signed a 300 million GEL loan agreement with FMO, the Dutch entrepreneurial development bank. This five-year local currency facility will primarily be used to finance young entrepreneurs and mortgage borrowers, green projects, as well as micro, small and medium enterprises in Georgia.
Mr. Vakhtang Butskhrikidze, CEO of TBC Bank, said:
“We are proud to have an impressive track record of successful cooperation with FMO for over sixteen years, which is a testament to our truly effective working relationship. This is our second collaboration on a local currency facility since 2018. facilities like this are very important to us as they support the de-dollarization of the Georgian economy and provide long-term local currency loans to our businesses and retail customers. I would like to thank FMO for being a long-time supporter of TBC Bank and we look forward to working with them on many more successful transactions in the future.”
Huib-Jan de Ruijter, Chief Investment Officer FMO, said:
“FMO is delighted to once again support our long-standing partner TBC Bank with this latest round of much-needed local currency funding, contributing to the de-dollarization of the Georgian economy. This facility also aligns perfectly with our broader FMO strategy. aimed at reducing inequality and supporting financial inclusion, with a focus on youth and MSME entrepreneurs, thus contributing positively to job creation and retention across the country. look forward to our continued collaboration with TBC in the future.
FMO is the Dutch business development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a proven track record over 50 years of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors with high development impact: financial institutions, energy and agribusiness, food and water. With a committed portfolio of €12.1 billion spanning more than 85 countries, FMO is one of the largest bilateral private sector development banks in the world. For more information: please visit www.fmo.nl
For more information, please contact:
Director of International Media and Investor Relations
Head of Investor Relations
About TBC Bank Group PLC (“TBC PLC”)
TBC Bank Group PLC (“TBC PLC”) is a limited company registered in England and Wales. TBC PLC is the parent company of JSC TBC Bank (“TBC Bank”) and a group of companies that mainly operate in Georgia in the financial sector and other closely related fields. TBC PLC has also recently expanded its operations in Uzbekistan. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.
TBC Bank, together with its subsidiaries, is a leading universal banking group in Georgia, with a total market share of 38.9% of customer loans and 40.3% of customer deposits as of March 31, 2022, according to data published by the National Bank of Georgia.