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Home / Banking / TBC Bank Announces about Completion of Deal over Bank Republic
TBC Bank Announces about Completion of Deal over Bank Republic

TBC Bank Announces about Completion of Deal over Bank Republic

TBC Bank has become owner of 100% stake in Bank Republic.

The transaction ended yesterday, on October 20, under which, Scoeiete Generale and European Bank for Reconstruction and Development (EBRD) sold 100% stake of Bank Republic to TBC Bank. The deal value has been paid and shares will be registered at London Stock Exchange starting October 21. Ratio of EBRD in enlarged TBC Bank will be 12.1%, while Societe Generale will hold 5.4%. As reported, TBC Bank will spent total of 360 million GEL on deal and integration procedures.

Société Générale and EBRD have together received cash consideration of USD 100,858,342 in total and are expected to be issued with, in aggregate, 2,998,305 new ordinary shares in TBC Bank. Group PLC on October 21. As a result of the transaction, TBC Bank Group PLC together with its subsidiary, JSC TBC Bank, will own 100% of JSC Bank Republic’s issued share capital.

It is expected that the admission to listing of the new TBC Bank Group PLC ordinary shares on the premium listing segment of the Official List and the admission to trading of the new TBC Bank. Group PLC ordinary shares on the London Stock Exchange’s main market for listed securities will take place at 8.00 a.m., on 21 October 2016.