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TBC bank and Bank Constanta merge

By Tatia Megeneishvili
Friday, December 12
TBC Bank CEO Vakhtang Butskhrikidze and CEO of Bank Constanta Nika Kurdiani held a joint press conference on December 11 regarding the merger of the two banks.

Bank Constanta, which is fully owned by TBC Bank, will continue its operations until January. However, afterward, the banks will merge and operate as a single legal entity within TBC Bank.

“We believe that we will be able to effectively use our experience to develop the microfinance segment and strengthen our leading position on the market. For Bank Constanta’s clients, this decision brings more opportunities, technological progress, a wider variety of products, and stable cooperation,” stated Butskhrikidze.

Kurdiani said that following the merger process, the Constanta brand will gradually be replaced by the TBC brand.

“The name will be changed to TBC Bank – Constanta. In addition, the color and logo of Constanta will be replaced. However, the costumers will still be able to use Constanta products, just the variety of products available will be increased via particular offers from TBC Bank. I also want to say that Constanta does not plan to change its specialty. For example, we always were focused on agro credits, and so we will continue to be focused on this field,” stated Kurdiani.

Bank Constanta has operated as a commercial bank since 2008. TBC Bank become owner of Bank Constanta in 2011 and since then invested almost 226 million GEL in Constanta’s development. It resulted in a 400% increase of Bank Constanta’s total portfolio.