TIDMTBCG
RNS Number : 2149N
TBC Bank Group PLC
21 October 2016
Completion of Share Sale
Following the announcement of yesterday's completion of the
acquisition of JSC Bank Republic by TBC Bank Group PLC and JSC TBC
Bank, TBC Bank Group PLC announces that the 6,145,835 ordinary
shares of JSC Bank Republic purchased from the European Bank for
Reconstruction and Development and Société Générale (the "Bank
Republic Shares"), have been sold to TBC Bank Group PLC's
subsidiary JSC TBC Bank (the "Share Sale").
The Share Sale has been undertaken in order to simplify the
group's structure, and to facilitate a potential future merger of
JSC Bank Republic and JSC TBC Bank. The cash consideration provided
by JSC TBC Bank for the Bank Republic Shares (the "Consideration")
is equal in value to the aggregate value of TBC Bank Group PLC
shares issued yesterday to EBRD and Société Générale as part of the
total consideration for the Bank Republic Shares.
The Consideration was paid in cash calculated on the basis of
the midpoint of yesterday's opening and closing price of the
ordinary shares of TBC Bank Group PLC, in an aggregate amount of
GEL 112,268,664 (being equivalent to GBP38,543,211). The
Consideration may fully or partially be lent to or be deposited
with JSC TBC Bank in the form of an inter-group loan or term
deposit. The Consideration may be used by TBC Bank Group PLC for
dividends, investments and general corporate purposes, subject to
the requirements of the regulatory system under which the group
operates and, in particular, the regulatory capital adequacy
requirements of JSC TBC Bank.
The European Union Market Abuse Regulation EU 596/2014 requires
TBC Bank Group PLC to disclose that this announcement contains
inside information, as defined in that Regulation.
ENDS
For Reference:
Vakhtang Butskhrikidze, Chief Executive Officer, TBC Bank
Giorgi Shagidze, Deputy CEO, Chief Financial Officer, TBC
Bank
George Tkhelidze, Deputy CEO, Chief Risk Officer, TBC Bank
Sean Wade, Director of International Media and IR, TBC Bank
Tel: +44 (0) 7464 609025 I E-mail: ir@tbcbank.com.ge I web: http://tbcbankgroup.com/
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
Salma Kalisvaart / Igor Perekolski
Telephone: +44 20 7742 4000
Overview of Bank Republic
Bank Republic is the third largest bank in Georgia by total
loans and fourth largest by deposits offering private and corporate
customers a wide range of banking services and products. It serves
333 thousand customers through 41 branches and 159 ATMs. Bank
Republic is universal bank with a focus on unsecured consumer and
mortgage lending and employing c. 972 full time employees.
As at December 2015 Bank Republic had GEL 1.7 billion of gross
assets, net loans of GEL 1.2 billion, customer deposits of GEL 0.7
billion and total equity of GEL 0.3 billion. The total operating
income for the bank for the financial year ending December 2015 was
GEL 131 million with profit before tax of GEL 56 million and net
income of GEL 49 million.
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
DISAKDDBQBDDCKB
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