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TBC Becomes N1 Bank With the Number of Deposits and Loans

According to the number of deposits and loans, TBC became number one bank in Georgia. As for the press center of the bank, TBC has agreed to acquire 93.64% stake in JSC Bank Republic for GEL 315 million.

 Creation of the largest bank in Georgia by both loans and deposits, with TBC Bank’s loan market share increasing by 7.3% to 35.7% and the deposit market share increasing by 5.3% to 34.5%.

Integration costs are expected to be approximately GEL 23 million (approximately 114% of annual pre-tax synergies).

The consideration is 70% payable in cash from own funds and 30% in newly issued TBC Bank shares. As a result of the Transaction, Societe Generale will become a 5.4% shareholder in in TBC Bank with a holding period (lock-up) of 1 year, which can be waived by TBC Bank at its discretion. The parties have also agreed to explore future partnering opportunities within Georgia.