Azerbaijan, Baku, Dec. 22/ corr. Trend N. Ismaylova/ Rendering of financial assistance by the European Bank for Reconstruction and Development (EBRD), the International Financial Corporation (IFC) and the Dutch Financial Corporation (DFC) to the second biggest Georgian TBC Bank will positively effect the activities of the Azerbaijani non-banking credit organization TBC Credit, the Organization said on Dec. 22.
(TBC Bank has 75% package of TBC Credit shares.)
EBRD, IFC and DFC will provide $171mln in the kind of "superior" debt to the Georgian bank. The holders of this debt in case of bankruptcy will first get money. EBRD will allocate $75mln for this project.
"Additional investments by the international financial organizations such as EBRD, IFC and DFC will certainly allow strengthening positions of TBC Bank both inside and outside Georgia," TBC Credit said.
EBRD, IFC and DFC consider the opportunity of joining TBC Bank as shareholders and share of EBRD has been previously announced at 17%.
"The fact that EBRD will be a new member amongst founders of TBC Bank also gives additional stability to the bank. All this will positively effect the activities of TBC Credit," TBC Credit said.
TBC Bank is the second biggest bank in Georgia. By Sep. 30, 2008 the bank assets made up $1.39bln, capital - $222mln but net profit - $2.2mln.
Joining of TBC Bank to capital of the Azerbaijani TBC Credit occurred in December 2007.
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