TBC Bank Group PLC Completion of the Acquisition of JSC Bank Republic (0990N)
October 20 2016 - 10:38AM
UK Regulatory
TIDMTBCG
RNS Number : 0990N
TBC Bank Group PLC
20 October 2016
Completion of the Acquisition of JSC Bank Republic
TBC Bank Group PLC, in conjunction with its subsidiary JSC TBC
Bank, announces that completion of its acquisition of JSC Bank
Republic took place today. Société Générale and EBRD have together
received cash consideration of USD 100,858,342 in total and are
expected to be issued with, in aggregate, 2,998,305 new ordinary
shares in TBC Bank Group PLC tomorrow. As a result of the
transaction, TBC Bank Group PLC together with its subsidiary, JSC
TBC Bank, will own 100% of JSC Bank Republic's issued share
capital.
It is expected that the admission to listing of the new TBC Bank
Group PLC ordinary shares on the premium listing segment of the
Official List and the admission to trading of the new TBC Bank
Group PLC ordinary shares on the London Stock Exchange's main
market for listed securities will take place at 8.00 a.m. tomorrow,
21 October 2016.
ENDS
Enquiries:
TBC Bank
Sean Wade, Director of International Media and IR, TBC Bank
E-mail: ir@tbcbank.com.ge
Tel: +44 (0) 7464 609025
For further information: http://tbcbankgroup.com/
J.P. Morgan Cazenove
Salma Kalisvaart / Igor Perekolski
Tel: +44 207 134 8990
About TBC Bank
TBC Bank is one of the leading universal banking groups in
Georgia and provides a wide range of services across retail,
corporate, SME and micro banking to over 1.7 million clients. The
Group has a diversified multichannel platform that comprises 130
branches, one of the largest networks of ATMs and POS terminals in
Georgia as well as internet and mobile banking. TBC Bank employs
c.5200 people.
TBC Bank holds the number one position in retail deposits, the
number two position in loans (both to individuals and to legal
entities) and in corporate deposits, according to NBG data, and has
particular expertise in the fast-growing SME and micro sectors,
where TBC Bank considers itself a market leader.
TBC Bank management team has a strong track record of
integrating acquired assets within the group perimeter and
extracting synergies including acquisition of micro loans portfolio
from ProCredit Bank in 2015, acquisition of Bank Constanta in 2014
and acquisition of SOA Kredit in 2007.
As at 30 June 2016, TBC Bank had gross assets of GEL 6.8
billion, gross loans and customer deposits of GEL 4.7 billion and
GEL 4.3 billion, respectively, and total equity of GEL 1,315
million. TBC's profit was GEL 139.2 million for the six months
ended 30 June 2016 and GEL 218.7 million for the year ended 31
December 2015.
IMPORTANT NOTICE
This announcement may include statements that are, or may be
deemed to be, "forward-looking statements". These forward-looking
statements involve known and unknown risks and uncertainties, many
of which are beyond TBC Bank's control and all of which are based
on its respective directors' current beliefs and expectations about
future events. These forward-looking statements may be identified
by the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "projects", "anticipates",
"expects", "intends", "may", "will" or "should" or, in each case,
their negative or other variations or comparable terminology, or by
discussions of strategy, plans, objectives, goals, future events or
intentions. These forward-looking statements include all matters
that are not historical facts. Forward-looking statements may and
often do differ materially from actual results. Any forward-
looking statements reflect TBC Bank's current view with respect to
future events and are subject to risks relating to future events
and other risks, uncertainties and assumptions relating to TBC
Bank's business, results of operations, financial position,
liquidity, prospects, growth and strategies. Forward-looking
statements speak only as of the date of this announcement and
cannot be relied upon as a guide to future performance. Each of TBC
Bank, and JSC TBC Bank and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise
any forward-looking statement contained in this announcement
whether as a result of new information, future developments or
otherwise, unless required to do so by applicable law or
regulation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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