RCS - TBC Bank Group PLC - Fitch Ratings Upgrades TBC Bank Credit Rating

TBC BankAnnouncement

09/05/2023 07:15

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RNS Number : 6671Y  TBC Bank Group PLC  09 May 2023

 Fitch Ratings Upgrades TBC Bank Credit Rating

 TBC Bank Group PLC ("TBC PLC") is pleased to announce that on May 5, 2023
 Fitch Ratings has upgraded the credit rating of its subsidiary, JSC TBC Bank
 ("TBC Bank"). The Bank's Long-Term Issuer Default Rating (IDR) has been
 increased to 'BB' from 'BB-', and Viability Rating (VR) to 'bb' from 'bb-'.
 The Outlook remains Stable.

 The rating action was driven by the Bank's strong performance through several
 economic cycles. TBC's sound business profile, strong profitability and high
 capitalisation have proved resilient and are particularly strong within the
 local regional context.

 CEO of the Group, Vakhtang Butskhrikidze, commented:

 "We are very pleased with the upgrade of TBC's credit ratings by Fitch. This
 rating action is a clear testimony of the bank's fundamental financial
 strength and risk profile, robust profitability, sound asset quality, and
 strong capital position "- commented Vakhtang Butskhrikidze, Chief Executive
 Officer of the Group.

 For further enquiries, please contact:

 Director of Investor Relations and International Media

 Andrew Keeley

 Or

 Head of Investor Relations

 Anna Romelashvili

 ir@tbcbank.com.ge
 (file:///C:/Users/NGikoshvili/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/OZXDEM6G/ir@tbcbank.com.ge)

 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. TBC PLC also offers non-financial services via TNET, the largest
 digital ecosystem in Georgia. Since 2019, TBC PLC has expanded its operations
 into Uzbekistan by operating fast growing retail digital financial services in
 the country. TBC PLC is listed on the London Stock Exchange under the symbol
 TBCG and is a constituent of the 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 39.5% of customer loans and 40.3% of
 customer deposits as of 31 December 2022, according to data published by the
 National Bank of Georgia.

 Contact Details: If you have any questions or if you need additional
 information please contact ir@tbcbank.com.ge (mailto:ir@tbcbank.com.ge) or
 visit our website www.tbcbankgroup.com (http://tbcbankgroup.com/)

 If you no longer wish to receive press releases from TBC Bank, please click to
 confirm your cancellation Unsubscribe
 (https://www.tbcbankgroup.com/news-and-media/email-alerts/)

 

 

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