TBC Bank signs $55m two loan agreements with Dutch development bank
Monday, December 26One of the leading banks in Georgia, TBC Bank, has signed two loan agreements worth a total amount of $55 million with the Netherlands Development Finance Company (FMO).
The FMO will provide funds through two loan facilities: a $25 million seven year loan for TBC Bank, and a $30 million five year financing agreement for its wholly-owned subsidiary, Bank Republic.
TBC Bank purchased Bank Republic, a member of French SocieteGenerale, in September, this year.
“These two facilities will help TBC Bank to further strengthen its position in the small and medium-sized enterprises (SME) segment by expanding its portfolio in areas of Georgia,” said VakhtangButskhrikidze, TBC Bank’s CEO.
The authorities believed this partnership between TBC Bank and FMO would help further expand the entrepreneurship activities of small and medium size business clients of TBC Bank.
“The FMO is proud to conclude two new transactions with TBC Bank for the further sustainable development of the SME-sector. Finally, FMO deeply treasures its excellent, professional relationship with TBC Bank and remains convinced that TBC Bank will be an anchor point for many years to come,” said Matthijs Laban, Manager Legal Affairs, FMO.