TBILISI, June 6 The European Bank for
Reconstruction and Development (EBRD) said on Tuesday it had cut
its stake in Georgia's TBC Bank through the sale of 1.9
million, or 30 percent, of its shares.
TBC, which was listed on the London Stock Exchange in June
2014, became Georgia's largest bank by loans and deposits after
buying JSC Bank Republic from France's Societe Generale
and the EBRD for 337 million lari ($141 million) in
The shares sold by the EBRD represented 3.6 percent of TBC's
total shares. They were acquired by a number of institutional
investors from Britain, the United States and the rest of Europe
through an accelerated bookbuild offering, the EBRD said in a
"TBC Bank's strong progress allows us now to reduce our
role. However, we retain a stake which not only expresses our
ongoing commitment to the bank, but will also allow us to
continue to be actively involved in its further development,"
said Mike Taylor, the EBRD's head of financial institutions in
the South and Eastern Mediterranean and Caucasus.
TBC reported its net profit for the first quarter of 2017
jumped by 64.5 percent year-on-year to 96.6 million lari.
(Reporting by Margarita Antidze; Editing by Mark Potter)