The European Bank for Reconstruction and Development on November 22 announced it had reduced its equity stake in TBC Bank, one of the largest lenders in Georgia.
The bank sold 850,000 shares in an accelerated bookbuild placement on the London Stock Exchange, EBRD said, adding the shares sold on November 22 represented 1.5% of TBC Bank’s total shares.
EBRD retains a 3.5% stake in its “longstanding partner”, a press release of the bank says, adding as a continuing shareholder it remains committed to supporting TBC Bank in its regional expansion.
EBRD acquired shares in TBC Bank in 2009 as part of a larger funding package. In 2012, together with other international financial institutions as shareholders, the former participated in a rights issue by TBC Bank. Subsequently, the bank was successfully listed on the LSE in 2014, and upgraded into the premium segment of the main market in 2016. (Agenda/Business World Magazine)