23rd Oct 2018 14:54
LONDON (Alliance News) - TBC Bank Group PLC said Tuesday that its subsidiary JSC TBC Bank inked a GEL103 million, GBP29.3 million, loan agreement with Dutch private sector development bank FMO.
The five-year loan facility will be used by the unit to finance young entrepreneurs running micro, small and medium size enterprises in Georgia, the company said.
It will also help JSC finance young retail customers requiring mortgages.
"Local currency funding is of great importance for the Georgian financial sector as it allows us to supply financing for the increasingly high demand in local currently loans and enables us to further strengthen the Bank's leading position in the MSME segment," TBC Chief Executive Officer Vakhtang Butskhrikidze said.
He added: "In addition, a public placement of bonds will further support local capital market development in Georgia. This transaction reflects both institutions' commitment to continued cooperation and we look forward to more years of productive partnership."
TBC shares were trading down 1.8% at 1,502.00 pence each.
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