TBC Bank Group PLC (“TBC PLC”) announces that its subsidiary, JSC TBC Bank (“TBC Bank”), has signed a USD 67 million Trade Finance Facility with Citi. Proceeds of this facility will support import and export transactions for customers of TBC Bank, increasing the volume and value of trade transactions in Georgia’s key economic sectors. This is the first Trade Finance Facility arranged by Citi for TBC Bank.
Vakhtang Butskhrikidze, CEO, TBC Bank, commented: “We have long-standing partnerships with the leading international banks and financial institutions around the world in trade finance, and we are actively supporting Georgian businesses to expand their trade activities abroad. Currently, our market share in trade financing in Georgia stands around 50% and with this new facility, we will be able to further increase our support to local businesses and contribute to the economic development of our country.”
Chafic Haddad, EMEA Head of Financial Institutions and Correspondent Banking, Treasury and Trade Solutions, Citi, commented: “This is the debut Trade Finance Facility between Citi and TBC Georgia. By delivering this Trade Finance Facility to one of the leading Financial Institutions in Georgia, Citi has underlined its commitment to support growth in key developing markets. We are proud of our long standing relationship with TBC Bank and the Georgian banking sector as a whole”.
