Last checked at 13 Aug 2018 13:24
TBC Bank and CDB sign a USD 50 million loan agreement
TBC Bank Group PLC ("TBC PLC") announces that its subsidiary, JSC TBC Bank ("TBC Bank"), has signed its first loan agreement with the China Development Bank ("CDB") in the amount of USD 50 million. This is the largest facility CDB has ever provided to any Georgian entity. Funds are for general corporate purposes and will help TBC Bank to expand its financing operations for Georgian clients primarily in the SME and Micro segments including those who directly benefit from the increasing trade with China.
China is the third largest trade partner for Georgia. A Free Trade Agreement signed between China and Georgia in 2017 provides Georgian products with free access to one of the world's largest consumer markets. Economic relationship between the two countries has increased significantly over the past five years with exports to China increasing 8 times and its share in total exports reaching c. 8% in 2017.
CDB is the largest Chinese bank for foreign investment and financing cooperation. CDB serves the Belt and Road Initiative and deepens cooperation with foreign governments, enterprises and financial institutions in key industries, ranging from infrastructure, equipment manufacturing, finance, agriculture and energy to projects important for people's livelihood.
"We are very proud to have completed this inaugural transaction with China Development Bank. Our partnership with CDB is a logical response to the recent positive economic developments between our countries. The transaction reflects both institutions' commitment to launch a successful cooperation and we look forward to many years of productive partnership," commented Vakhtang Butskhrikidze, Chief Executive Officer of TBC Bank.
For further enquiries, please contact:
Director of International Media and Investor Relations Head of Investor Relations
Zoltan Szalai Anna Romelashvili
ir@tbcbank.com.ge ir@tbcbank.com.ge
About CDB
China Development Bank (CDB), established in 1994, is a state-funded and state-owned development finance institution operating as an independent legal entity under the direct leadership of the State Council. As the world's largest development finance institution, and the largest Chinese bank for foreign investment and financing cooperation, CDB serves the Belt and Road Initiative, and deepens cooperation with foreign governments, enterprises and financial institutions in key industries, ranging from infrastructure, equipment manufacturing, finance, agriculture and energy to projects important for people's livelihood. Learn more: http://www.cdb.com.cn/English/.
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.
TBC Bank, together with its subsidiaries, is the leading universal banking group in Georgia, with a total market share of 37.8% of loans and 38.9% of non-banking deposits as at 31 March 2018, according to data published by the National Bank of Georgia.