Last checked at 21 May 2020 15:21
Grace period extension for vulnerable customers
TBC Bank Group PLC ("TBC PLC") announces that its subsidiary, JSC TBC Bank ("TBC Bank") has decided to extend the three-month grace period on loans that was announced in March 2020 for a further three months to its most vulnerable retail and micro customers, based on specific qualification criteria. This decision has been made in close coordination with the Banking Association of Georgia, the National Bank of Georgia and the Government in order to support borrowers who have lost their main source of income during the COVID-19 pandemic.
Starting from 10 June 2020, TBC Bank will offer an additional three-month grace period to the following customers:
· Individuals who have lost their main source of income during the COVID-19 pandemic. These individuals will have received relevant compensation under a government support program and will have been recorded in the Revenue Service database. TBC Bank will offer them a three-month grace period extension on their loans, with the same conditions as for the initial three-month grace period granted in March 2020.
· Individuals who will not have been included in the government support program by 10 June 2020 and will not have been recorded in the Revenue Service database, but who are not able to pay the amounts owed to TBC Bank due to the loss of their main source of income or a significant decrease in their income. TBC Bank will analyze the financial position of these customers and, if deemed appropriate, will grant them an additional three-month grace period extension on their loans, with the same conditions as for the initial three-month grace period granted in March 2020.
Vakhtang Butskhrikidze, Chief Executive Officer, TBC Bank, commented:
"To date Georgia has fought the virus very effectively. TBC team is mobilized to provide full support to our customers and the country to recover from the impact that the COVID 19 is having on the economy. We are actively coordinating with all relevant parties in order to proactively offer the solutions required. Our digital support is also very strong, and our customers are able to conduct all banking transactions online, without any need to visit the branch. The health and safety of our staff and customers remain our main priority, and we are confident that together we will get through these challenging times."
For further enquiries, please contact:Director of International Media and Investor RelationsZoltan 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 the FTSE 250 Index.
TBC Bank, together with its subsidiaries, is the leading universal banking group in Georgia, with a total market share of 39.4% of loans and 39.8% of non-banking deposits as of 31 March 2020, according to data published by the National Bank of Georgia.