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.