12/09/2016

NEWSROOM

Societe Generale sells Bank Republic, its Georgian subsidiary, to TBC Bank Group

Societe Generale Group has agreed to sell its majority stake in Bank Republic (93.64%), its Georgian subsidiary, to TBC Bank Group PLC, the second-largest bank in Georgia.

The transaction amount is expected to be around GEL 315 million ([EUR 121 million]), of which 70% would be payable in cash and 30% in newly issued TBC Bank Group PLC shares.
As a result Societe Generale Group would hold a limited minority stake in TBC Bank Group PLC.
The sale is expected to close before the end of 2016, following the completion of confirmatory due diligence and the satisfaction of all relevant condition precedents.
This operation would have a very limited impact on the Group’s financial ratios.

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