1st Aug 2019 15:44
(Alliance News) - TBC Bank Group PLC said Thursday it has signed a continuing agreement for the reimbursement of trade advances with Citibank, the consumer division of US investment bank Citigroup Inc.
The trade finance framework agreement will mainly be used to fund the trade activities of local importers and exporters in Georgia.
"Signing the CARTA represents a significant milestone in our partnership with Citibank. The credit line will further support Georgian trade finance sector. CARTA reflects a clear commitment by both parties to further support export and import transactions in the country and strengthen TBC's position in the trade finance market," said Chief Executive Officer Vakhtang Butskhrikidze.
Shares in the Georgian bank were down 3.3% at 1,366.00 pence on Thursday in London.
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TBC Bank Group