Home News TBC-Bank attracted $47M from European Banks

TBC-Bank attracted $47M from European Banks


TBC-Bank said that it has attracted $47 million from European banks through JP Morgan. It is the largest transaction of the bank carried out in international financial market. Credit term is 2 years and it does not carry defined purpose.

TBC-Bank confirms that negotiations with Israeli bank Leum have been ceased. The Israeli bank intended to acquire 20% of TBC-Bank shares for $40 million. The preliminary agreement was signed in January.

As Paata Gadzadze, vice-president of TBC-Bank, said to Sarke, the bank has better proposals from European banks, but he did not specified details. He only mentioned that attraction of new shareholders will be carried out through new emissions.

TBC-Bank issued more than 5.38 million ordinary shares. Its large shareholders are IFC – 30.95%, TBC Holding – 21.6%, Liquid Crystal International N.V. – 20.1%, German DEG – 13.33%, private individuals David Khazaradze – 6.57%, Badri Japaridze – 5.51% and Giorgi Kekelidze – 1.84%.

As for the financial highlights, in 1st quarter of current year TBC-Bank profit made up 4.9 million lari. It is 51.2% more than last years figures. By the end of 2006 year bank profit amounted to 25.4 million lari.

Total assets have been reduced by 0.3% from the beginning of the year up to March and make up 949.3 million lari, total liabilities – by 0.9%, to 825.8 million lari. The growth of assets and liabilities made up 35.4% and 36.9% against last years figures, accordingly.

In accordance with showings of assets and liabilities TBC- Bank ranks the 2nd in banking system, while it held the leading position before 2006

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