Credo Bank received a 7-year GEL 14 million (EUR 4 million) subordinated debt facility from its shareholders Triodos Fair Share Fund and Triodos Microfinance Fund, financial inclusion funds managed by Triodos Investment Management. The instrument which is classified as Tier II capital will further enhance capital and liquidity position of the bank thus, contribute towards efficient response to COVID-19 crisis.
Chief Executive Officer of Credo Bank – Zaza Pirtskhelava noted: “I am happy to see that our shareholders Triodos Fair Share Fund and Triodos Microfinance Fund demonstrate strong commitment to support Credo Bank through this capital instrument. This very important transaction underlines shareholders’ trust in the bank’s feasibility to successfully overcome the global challenges created by COVID-19. With a very resilient business model, Credo Bank is well-positioned to continue operations and provide financing to its medium, small and micro customers, with a special focus on the core segment of agriculture borrowers.”
Tim Crijns, Fund Manager at Triodos Investment Management: “Credo Bank plays a pivotal role in addressing the current and future needs of tens of thousands of micro, small and medium-sized enterprises in Georgia. The provision of a subordinated debt facility underlines our trust in Credo Bank and shows our shared commitment to maintain a robust financial infrastructure in Georgia to address the impact of COVID-19. “
About Credo Bank
Credo Bank is the leading bank on Georgian microfinance market in terms of countrywide presence and the number of clients. It operates 73 service centers and supports more than 300 thousand customers across Georgia. The bank’s mission is to provide sustainable financial services to micro, small and medium businesses, with a preference for rural activities and those businesses that create income and employment opportunities. Credo Bank is owned by consortium of international shareholders, the social impact investors – Access Microfinance Holding AG, ResponsAbility Investment Management AG and Triodos Investment Management BV.
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About Triodos Investment Management
Triodos IM connects a broad range of investors who want to make their money work for lasting, positive change with innovative entrepreneurs and sustainable businesses doing just that. In doing so, Triodos IM serves as a catalyst in sectors that are key in the transition to a world that is fairer, more sustainable and humane. Triodos IM has built up in-depth knowledge throughout over 25 years of impact investing in sectors such as Energy & Climate, Financial Inclusion and Sustainable Food & Agriculture, and also invests in listed companies that materially contribute to the transition toward a sustainable society. Assets under management as per the end of December 2019: EUR 4.9 billion.
