Last checked at 25 Oct 2021 11:10
TBC and EFSE sign a USD 10 million equivalent in GEL 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 10 million equivalent in GEL with The European Fund for Southeast Europe (EFSE). The facility will finance investments and the working capital needs of Georgian micro small and medium-sized businesses (MSMEs).
Vakhtang Butskhrikidze, CEO, TBC Bank, commented:
"We are delighted to continue our trusted and successful partnership with EFSE. This facility is further testimony to our efforts to support micro, small and medium-sized enterprises (MSMEs) in rural and urban areas in Georgia and provide financing for local currency loans, which are in high demand. This transaction reflects both institutions' commitment to continue cooperation and we look forward to more years of productive partnership."
EFSE Board Chairperson Klaus Müller said:
"We are proud to strengthen our longstanding partnership with TBC Bank. Their strong performance and, especially, their resilience throughout the recent health crisis have been very impressive. I am particularly pleased to note that EFSE's investment will contribute to reducing the MSME finance gap. Facilitating access to underserved groups is core to EFSE, and TBC Bank is a perfect example of what can be achieved at the most micro level while positively impacting the whole economy."
About EFSE
An impact investment fund established in 2005, 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 to 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 financial support from 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: https://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 Bank Group PLC ("TBC PLC") is a public 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 principally operate in Georgia in the financial sector and other closely related fields. TBC PLC 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 Small Cap 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 38.1% of customer loans and 37.8% of customer deposits as of 30 June 2021, according to data published by the National Bank of Georgia.