TBC Bank draws GEL 306 million facility from ADB
Source: RNS
TBC Bank draws GEL 306 million facility from ADB
TBC Bank Group PLC ("TBC PLC") announces that its subsidiary, JSC TBC Bank ("TBC Bank"), has drawn down a GEL 306 million facility signed with the Asian Development Bank ("ADB") in March 2022. The facility is designated to meet growing demand for housing loans and finance mortgage borrowers. ADB has raised the local currency funds through a private placement of GEL-denominated bonds arranged by TBC Capital LLC, the brokerage subsidiary of the Group.
Mr. Vakhtang Butskhrikidze, CEO, TBC Bank, commented:
"We are delighted to continue our successful partnership with ADB, TBC Bank's long-standing partner. This transaction reinforces our commitment to support mortgage borrowers with long-term, local currency funds and further strengthen our position in the retail segment. By providing local currency financing, ADB helps to reduce dependence on foreign currency borrowings. In addition, the public placement of bonds supports local capital market development in Georgia. We look forward to working with ADB on many more successful deals in the future."
Mr. Ashok Lavasa, Vice-President Private Sector Operations and Public-Private Partnerships, Asian Development Bank, commented:
"ADB is very pleased to be partnering with TBC to provide funding for long-term mortgages to improve the living conditions for home borrowers in Georgia. A home can be the single most important asset that a family purchases over their lifetime. Housing construction is also an important driver of economic growth. This longer-tenor local currency funding via the ADB bond issuance is particularly needed given the long-tenor nature of housing assets".
About ADB
The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members-49 from the region.
About TBC Capital
TBC Capital is TBC Bank's wholly-owned investment banking subsidiary and licensed brokerage firm. Its main lines of business include debt and equity capital markets, M&A and real estate advisory, corporate finance and credit rating advisory, brokerage and research. TBC Capital is also a shareholder in the Georgian Stock Exchange and plays an active role in the development of its infrastructure.
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About TBC Bank Group PLC ("TBC PLC")
TBC Bank Group PLC ("TBC PLC") is a public limited company registered in England and Wales. TBC PLC is the parent company of JSC TBC Bank ("TBC Bank") and a group of companies that principally operate in Georgia in the financial sector and other closely related fields. TBC PLC also recently expanded its operations in Uzbekistan. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.
TBC Bank, together with its subsidiaries, is a leading universal banking group in Georgia, with a total market share of 38.9% of customer loans and 40.3% of customer deposits as of 31 March 2022, according to data published by the National Bank of Georgia.
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