The European Bank for Reconstruction and Development (EBRD) released an analysis on Friday on how TBC Bank of Georgia has helped the country develop its banking sector.
The EBRD said TBC is the country’s market leader in retail and SME banking, and that a third of Georgia’s citizens has made deposits with TBC Bank.
TBC Bank was founded in 1992 and began participating in the EBRD’s Trade Facilitation Program in 1998. TBC Chief Financial Officer Giorgi Shagidze said international financial institutions (IFI) have played an important role in the development of the economy, particularly the banking sector.
“The EBRD and the Dutch development bank FMO also became shareholders in 2009. In 2014, we completed our IPO on the London stock exchange – a milestone for us,” Shagidze said. “Some of our clients still need nurturing before they have access to financing on strictly commercial terms, and the EBRD offers special products that provide big value for them. These include dedicated Lari credit lines that help us to disburse loans in local currency to agricultural companies.”
With the support of the EBRD and other financial institutions, TBC’s strategy for growth is focused on domestic developments.