Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) has sold off its shares of TBC PLC, according to a TBC  press release.

These shares were acquired by investors in the United Kingdom, the United States and Europe by a transaction managed by Barclays and Renaissance Capital.

FMO was one of JSC TBC Bank's four original international financial institution shareholders. FMO held 4.4 percent of TBC Bank after the initial public offering and 4.4 percent after it was listed on the London Stock Exchange two years later.

The remaining international financial institution shareholders account for an estimated 15.1 percent of all shares of TBC PLC.

FMO will still maintain a commercial relationship with TBC Bank, according to the press release.