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On December 17th, TBC Bank celebrated its 20th anniversary. The two founder shareholders, Mamuka Khazaradze and Badri Japaridze, founded TBC Bank in 1992 with the initial capital of USD 500. The founders also shared a long term vision to business development, committing to reinvest the profit for the upcoming 10 years for the Bank’s growth.
In 1995 the bank was operating with one branch and 29 employees, its total assets amounting to $1.4 million. Vakhtang Butskhrikidze, who joined the bank in 1993, was appointed to the position of Chief Executive Officer (CEO) of TBC in 1995, and holds this position since his appointment.
In May 2000, IFC and DEG acquired equity interest in the bank, each with a 10% share. In 2009, when EBRD, FMO, JP Morgan and Ashmore became shareholders of the Bank, the bank raised USD 170 million through tier 1 and tier 2 capital and senior debt.
Today, TBC Bank is a leading Georgian universal bank providing services up to 1,000,000 customers in its four business segments: corporate, retail, SME and micro (through Bank Constanta). It is the second largest bank in the country and the third largest bank in the Caucasus region by assets and loans and deposit portfolios. The Bank holds up to GEL 4 billion in assets and GEL 550 million in equity. TBC bank, together with its subsidiaries, employs over 3,300 people and operates through 90 branches mainly in Georgia and has a growing presence in Azerbaijan and Israel.
The Bank’s shareholders include International Finance Corporation (IFC), Deutsche Investitions Entwicklungsgesellschaft mbH (DEG), the European Bank for Reconstruction and Development (EBRD) and Nerlandese Financierings-Maatschappi Voor Ontwikkelingsladen N.V. (FMO), with a combined share capital of 57%. Other international institutional investors, J.P. Morgan Chase Bank, and Ashmore Fund, hold 10%. The two founding shareholders jointly hold 28% and remaining 7% is owned by minority shareholders.
On its 20th anniversary the Bank also signed an USD 20 million agreement with the French Economic Investment and Promotion Company for Economic Cooperation (PROPARCO) for a five-year facility that is dedicated for the healthcare sector. Another important event was the additional capital injection of GEL 25 million from the existing International Finance Institution (IFI) shareholders – IFC, DEG, EBRD, and FMO – that will be used to finance the Bank’s further growth and development.
Several events were planned to celebrate the Bank’s birthday that culminated in an open air concert and an unveiling of a statue dedicated to this special occasion.
21.12.2012
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