7th Apr 2020 11:12
(Alliance News) - TBC Bank Group PLC on Tuesday said its banking unit JSC TBC Bank has signed a USD67 million trade finance facility with Citigroup Inc.
The lender said the subsidiary will use the funds to will support import and export transactions for TBC Bank customers, thereby increasing the volume and value of trade transactions in Georgia's key economic sectors.
"We have long-standing partnerships with the leading international banks and financial institutions around the world in trade finance, and we are actively supporting Georgian businesses to expand their trade activities abroad. Currently, our market share in trade financing in Georgia stands around 50% and with this new facility, we will be able to further increase our support to local businesses and contribute to the economic development of our country," said Chief Executive Vakhtang Butskhrikidze.
Earlier in April, FTSE 250-listed TBC Bank said it has created an extra loan loss provision buffer - in close co-ordination with the country's banking regulator, the National Bank of Georgia - stating that the global and Georgian economic outlook remains "difficult and uncertain" amid the Covid-19 pandemic. It added that the buffer would allow it to prepare for the potential damage of the pandemic on the Georgian economy.
TBC shares were trading 8.6% higher at 744.00 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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