TBC Bank Signs Agreement for GEL 48 Million Loan from BSTDB

TBC Bank and the Black Sea Trade and Development Bank (BSTDB) have signed an agreement in the amount of GEL 48 million. The three-year local currency SME Loan facility will enable TBC Bank to finance small and medium-sized enterprises in Georgia. BSTDB has arranged to obtain the local currency funds through a private placement of GEL denominated bonds arranged by TBC Capital, a subsidiary of TBC Bank.

This is the first such loan from BSTDB. “We are delighted to continue our partnership with BSTDB,” said Vakhtang Butskhrikidze, CEO of TBC Bank. “The transaction is of great importance not only for TBC Bank but for the entire financial sector as it enables us to provide loans in local currency that are increasingly in demand from our customers and will enable TBC Bank to further strengthen its position in the SME segment. This transaction reflects both institutions’ commitment to continuing cooperation and we look forward to more years of productive partnership. In addition, the issuance of the bonds will support local capital market development.”

“We are pleased to continue our successful relationship with our long-standing partner, TBC Bank and to offer a product that eliminates currency risks,” said Ihsan Ugur Delikanli, BSTDB President. “This first GEL denominated loan, provided by BSTDB, will support TBC Bank in stimulating economic growth and job creation through development of Georgia’s SME sector. The new Georgian Lari denominated facility will complement BSTDB’s existing USD 10 million SME Loan Facility and USD 10 million Trade Finance Facility with TBC Bank.”

BSTDB is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are located in Thessaloniki, Greece.

Katie Ruth Davies

09 November 2015 21:07