BAKU, Azerbaijan, May 7
By Tamilla Mammadova - Trend:
Georgia's Credo Bank received a 7-year subordinated debt of 14 million lari (4 million euros) from its shareholders Triodos Fair Share Fund and Triodos Microfinance Fund, financial inclusion funds managed by Triodos Investment Management (IM), globally recognized leader in investing, Trend reports with reference to Georgian media.
As reported, the instrument which is classified as Tier II capital will further enhance capital and liquidity position of the bank and thus, contribute towards efficient response to COVID-19 crisis.
“I am happy to see that our shareholders Triodos Fair Share Fund and Triodos Microfinance Fund demonstrate strong commitment to support Credo Bank through this capital instrument. This very important transaction underlines shareholders’ trust in the bank’s feasibility to successfully overcome global challenge created by COVID-19,” said Chief Executive Officer of Credo Bank Zaza Pirtskhelava.
“Credo Bank plays a pivotal role in addressing the current and future needs of tens of thousands of micro, small and medium-sized enterprises in Georgia. The provision of a subordinated debt facility underlines our trust in Credo Bank and shows our shared commitment to maintain a robust financial infrastructure in Georgia to address the impact of COVID-19,“ said Fund Manager at Triodos IM Tim Crijns.
Credo Bank is a leading bank on Georgian microfinance market in terms of countrywide presence and the number of clients. It operates 73 service centers and supports more than 300,000 customers across Georgia.
Triodos Investment Management focuses on investments in various areas, including renewable energy, microfinance, and real estate serving as a catalyst in sectors that are key in the transition to a world that is fairer, more sustainable and humane. Triodos IM is wholly-owned subsidiary of Triodos Bank NV, one of the world’s leading sustainable banks.
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