20th Jun 2018 13:04
LONDON (Alliance News) - FTSE 250-listed TBC Bank Group PLC said on Wednesday its subsidiary JSC TBC Bank and the Black Sea Trade and Development Bank have signed a loan agreement worth GEL120 million, or GBP37.0 million.
The three year local currency facility will allow TBC Bank to finance small and medium-sized enterprises in Georgia. The Black Sea Trade and Development Bank obtained the funds through a placing of GEL-denominated bonds arranged by TBC Bank subsidiary TBC Capital.
"We are delighted to continue our successful cooperation with BSTDB. Our partnership, which began in 2003, has provided more than USD162 million in revolving trade finance, SME finance, and leasing facilities to TBC Group. Local currency funding is of great importance for the entire financial sector as it enables us to provide loans in local currency that are increasingly in demand from our customers and will enable TBC Bank to further strengthen its position in the SME segment," said Chief Executive Officer Vakhtang Butskhrikidze.
Shares in TBC Bank Group were up 0.6% at 1,700.00 pence on Wednesday.
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