REG - TBC Bank Group PLC - TBC Bank and Citi sign a $67 mln loan agreement

TBC BankAnnouncement

07/04/2020 09:30

RNS Number : 0409J
  
TBC Bank Group PLC
  
07 April 2020
  
 

TBC Bank and Citi sign a $67 million trade finance facility
 
TBC Bank Group PLC ("TBC PLC") announces that its subsidiary, JSC TBC Bank ("TBC Bank"), has signed a USD 67 million Trade Finance Facility with Citi. Proceeds of this facility will support import and export transactions for customers of TBC Bank, increasing the volume and value of trade transactions in Georgia's key economic sectors.  This is the first Trade Finance Facility arranged by Citi for TBC Bank.
 
Vakhtang Butskhrikidze, CEO, TBC Bank, commented: "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."
 
Chafic Haddad, EMEA Head of Financial Institutions and Correspondent Banking, Treasury and Trade Solutions, Citi, commented: "This is the debut Trade Finance Facility between Citi and TBC Georgia. By delivering this Trade Finance Facility to one of the leading Financial Institutions in Georgia, Citi has underlined its commitment to support growth in key developing markets. We are proud of our long standing relationship with TBC Bank and the Georgian banking sector as a whole". 
 
For further enquiries, please contact:
Director of International Media and Investor Relations
Zoltan Szalai
 
Or
 
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
 
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
 
About TBC Bank Group PLC ("TBC PLC")
TBC PLC is a public limited company registered in England and Wales that was incorporated in February 2016. TBC PLC became the parent company of JSC TBC Bank ("TBC Bank") on 10 August 2016. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index.
 
TBC Bank, together with its subsidiaries, is the leading universal banking group in Georgia, with a total market share of 39.5% of loans and 39.0% of non-banking deposits as at 31 December 2019, according to data published by the National Bank of Georgia.


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