TBC Bank Group PLC said Wednesday that its subsidiary JSC TBC Bank has inked two loan agreements worth a total of USD55 million with the Netherlands Development Finance Co, or FMO.
Under the agreements, FMO will provide two facilities, a USD25 million seven year loan for JSC TBC Bank, and a USD30 million five year financing agreement for its subsidiary Bank Republic.
TBC said the proceeds will be used to finance investment projects with micro and small-and-medium-enterprise companies in Georgia.
“We are delighted to continue our successful partnership with FMO. These two facilities will help TBC Bank to further strengthen its position in the SME segment by expanding its portfolio in areas of Georgia. We are especially pleased to continue cooperation with FMO, which is a testament to the truly efficient working relationship our respective organizations have formed during last ten years,” said TBC Chief Executive Officer Vakhtang Butskhrikidze.
Shares in TBC Bank were down 2.1% at 1,483.00 pence Wednesday afternoon.