Tbilisi Business Center (TBC) Bank, Georgia-based commercial bank, recently announced that it has raised GEL 45 million (USD 18.5 million) from one or more unidentified investors via the MSME bond platform of Symbiotics SA, a Swiss investment services provider focused on micro-, small and medium-sized enterprises (MSMEs). The term of the agreement is three years.
Vakhtang Butskhrikidze, the CEO of TBC Bank, was quoted as stating that the deal “will enable TBC Bank to further expand its operations throughout the country,” including its provision of local-currency loans.
Founded in 1992 and based in Tbilisi, TBC Bank reports total assets of GEL 6.65 billion (USD 2.71 billion) and annual net profit of GEL 58.6 million (USD 24.33 million) as of March 2016.
As of 2016, Symbiotics manages assets valued at USD 1.3 billion.
By Jacob O’Driscoll, Research Associate
Sources and Additional Information
TBC Bank completed a transaction with Symbiotics
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