FMO Invests in Further Growth of TBC Bank in Georgia
Microfinance Focus Europe, 12 September 2013: FMO, along with Cordiant, a Canadian investor, and Swedfund, the Swedish development bank, loaned 35 million euro to TBC Bank in Georgia.
"This facility will further strengthen TBC Bank's tier two capital and help to enhance its position by expanding the fastest growing MSME portfolio throughout the entire country,” Vakhtang Butskhrikidze, CEO of TBC bank, said.
"With this transaction we further expand our presence in Georgia,” Jurgen Rigterink, CIO of FMO, said. "Herewith we support TBC Bank in stimulating economic growth and job creation through development of its SME sector.”
TBC bank is Georgia’s second largest universal bank, and was founded in 1992.
FMO is the Dutch development bank. It has an investment portfolio of 6.3 billion euro, making it one of the largest European bilateral private sector development banks.
