Georgia: TBC Bank Completed a Transaction With Symbiotics
Georgia, June, 13 2017 -
TBC Bank Group PLC announces that its subsidiary, JSC TBC Bank ('TBC Bank') and Symbiotics (through its MSME Bond Platform) have completed a transaction in the amount of GEL 45 million (USD 18.5 million). The 3 year local currency facility will enable TBC Bank to finance micro, small and medium-sized enterprises in Georgia.
"We are delighted to announce the successful completion of this transaction, which is of great importance not only for the financial sector but the entire Georgian economy. These funds will enable TBC Bank to further expand its operations throughout the country and provide local currency financing to micro, small and medium-sized businesses. This is our first transaction with Symbiotics SA and we are pleased to have begun our partnership with this local currency loan. We look forward to building a long-standing relationship and are planning more transactions in the years to come," commented Vakhtang Butskhrikidze, CEO of TBC Bank.
'We are very happy to close this first transaction with the leading financial institution of Georgia whose operations are helping to develop the small and medium enterprise segment of the market and therefore creating new opportunities and jobs in this country,' remarked Daniel Schriber, Symbiotics Head of Investment Operations.