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Societe Generale sells Georgian branch to TBC Bank

Societe Generale sells Georgian branch to TBC Bank
  • Adrien Paredes-Vanheule
  • 12 September 2016
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French financial group Societe Generale said it has found an agreement to sell its 93.64% stake in its Georgian subsidiary. Bank Republic, to TBC Bank, the second largest banking group in Georgia.

TBC Bank will purchase Bank Republic for around GEL315m (€121m), of which 70% would be payable in cash and 30% in newly issued TBC Bank Group shares. Societe Generale will hold a minor stake in the firm’s capital.

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The transaction, pending to regulatory approvals, is expected to close by the end of the year.

Societe Generale tallies 31 million clients and said this operation would have a very limited impact on the group’s financial ratios.

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