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TBILISI, March 22 (Reuters) - FMO, the Dutch development bank, has sold its remaining shares in Georgia's TBC Bank , the country's largest by loans and deposits, TBC said on Wednesday.
"The shares sold by FMO were acquired by a number of institutional investors from the UK, USA and continental Europe through an accelerated bookbuild transaction managed by Barclays and Renaissance Capital," TBC Bank said in a statement.
It did not specify the cost of the deals.
TBC became Georgia's largest bank by loans and deposits after buying JSC Bank Republic for 337 million lari ($141 million) in October 2016 from France's Societe Generale and the European Bank for Reconstruction and Development (EBRD).
The bank's net profit jumped by 36.4 percent to 298.3 million lari in 2016.
FMO was one of TBC Bank's four original international financial institution shareholders, holding 4.4 percent of the bank's share capital after the Initial Public Offering (IPO) of its Global Depository Receipts in June 2014 and 4.4 percent following its listing on the premium segment of London Stock Exchange in August 2016.
The institutions reduced their holdings in TBC Bank to 26.7 percent from 55.8 percent during an IPO in June 2014. Two years later, this amount was reduced to 23.2 percent.
"After FMO's exit from its shareholding in TBC PLC, the international financial institutions' aggregate holding will amount to approximately 15.1 percent of the total share capital of TBC," the bank said.
It also said that despite selling its shares, "FMO intends to continue its extensive commercial relationship with TBC Bank on the funding side." (Reporting by Margarita Antidze; Editing by Mark Trevelyan)