The EBRD has today reduced its stake in TBC Bank Group PLC, Georgia’s largest bank, through a sale of 1.9 million or 30 per cent of its shares.
The shares sold by the EBRD represented 3.6 per cent of TBC Bank’s total shares. They were acquired by a number of institutional investors from the UK, USA and Europe through an accelerated bookbuild offering.
The offering was launched after the stock market closed in London on Monday 5 June 2017. The transaction was successfully completed at a small discount to the previous day’s closing price of GBP 17.00 on the London Stock Exchange. The EBRD agreed to a lock-up period of 90 days on the residual stake.
Mike Taylor, EBRD Director, Head of Financial Institutions in the south and eastern Mediterranean and Caucasus, said: “TBC Bank is a success story and the EBRD is proud to be a part of it. The bank’s strong progress allows us now to reduce our role. However, we retain a stake which not only expresses our ongoing commitment to the bank, but will also allow us to continue to be actively involved in its further development. Supporting TBC Bank to realise its potential will boost the Georgian economy and benefit the bank’s customers.”
