Today.Az » World news » EBRD reduces its stake to 3.5% in Georgia’s TBC bank
22 November 2022 [21:43] - Today.Az
The European Bank for Reconstruction and Development (EBRD) has reduced its equity stake by 1.5 percentage points, in TBC Bank Georgia’s largest bank, by selling 850,000 shares, Trend reports with reference to bm.ge.
After the sold shares on 22 November 2022, the EBRD retains a 3.5% stake in Georgia’s largest lender.
"The EBRD is confident in the bank’s strong performance and bright prospects, remaining fully supportive of its strategic development and its plans for domestic and cross-border expansion", - the published document reads.
The EBRD acquired shares in TBC Bank in 2009 as part of a larger funding package. In 2012, together with other international financial institutions as shareholders, the EBRD participated in a rights issue by TBC Bank. Subsequently, the bank was successfully listed on the LSE in 2014, and upgraded into the premium segment of the main market in 2016.
The EBRD is a leading institutional investor in Georgia. Since the start of its operations there, the Bank has invested over €5 billion through 277 projects, with more than 80 per cent of those in the private sector. The Bank’s key areas of investment include the financial sector, sustainable infrastructure and small and medium-sized enterprises (SMEs).