TBC Bank and Bank Republic amalgamation process has come to a finish-line. Bank Republic cards are replaced by TBC Bank cards.
IN his interview for Business Course, Nikoloz Kurdiani, TBC Bank deputy director general talks about the details.
-Mr. Nikoloz, when will this process end and what technical issues should clients take into account?
-We plan to finish the process by May 6. We expect the amalgamation process to end on May 6. Some products are widely used, including payroll cards, credit cards, loans and deposits. We want our clients to realize that after May 6 Bank Republic cards will be replaced by TBC Bank cards.
We are making new cards that will be issued to our clients free of charge. Our clients will receive corresponding SMS notifications. Tariffs will not change and all conditions will be maintained.
-Loans and deposits have moved to TBC Bank from Bank Republic. Has anything changed in this direction?
-In similar cases, when one bank merges with another, the purchased bank’s portfolio declines and a certain number of clients is lost. However, we have an interesting case. In retail business the portfolio exceeded 1 billion GEL at the end of the year and today, Bank Republic is bigger than before the deal.. And this is a good example that the process was developed well. We had a good sample with KOR Standard Bank. As to Societe General, we have bought off the ratio of EBRD. This signifies we own 100% stake in Bank Republic and Societe General is owner of TBC Bank shares.