London Stock Exchange welcomes TBC Bank

London Stock Exchange welcomes TBC Bank

London Stock Exchange welcomes TBC Bank, a leader in retail and SME banking in Georgia.

From its foundation as one of the first privately-owned banks in Georgia in 1992, TBC has played an innovative role in the development of the Georgian economy, providing new financial services and supporting the growth of local businesses. The bank serves around one million customers through its award-winning multichannel distribution platform, including 116 branches, a broad range of pioneering electronic banking operations, and one of the largest ATM and POS networks in Georgia.

Unconditional trading starts today on the Exchange’s International Order Book for the Bank’s GDRs, which have been priced at US$13 per GDR, giving the Bank a market capitalisation of US$640 million.  TBC’s recent offering raised US$239 million, including both primary and secondary elements, and the Bank will use the proceeds from the primary offering to support the growth of its assets in accordance with its strategy, including the intended increase of its loan portfolio in the retail, SME and microfinance segments.

Barclays and UBS Investment Bank acted as Joint Global Coordinators and Joint Bookrunners. Renaissance Capital is acting as Joint Bookrunner and Peel Hunt as Co-Manager

Mr Vakhtang Butskhridze, CEO of TBC Bank, said:

"We are delighted to have successfully completed our Listing on the London Stock Exchange. We welcome our new shareholders and look forward to embarking on the next phase of our development as we benefit from the major growth opportunities represented by the Georgian economy."