June 6, 2017 / 10:40 AM / 6 months ago

EBRD reduces its stake in Georgia's TBC Bank

TBILISI, June 6 (Reuters) - 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 October 2016.

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 statement.

“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.

$1=2.4 lari Reporting by Margarita Antidze; Editing by Mark Potter

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