Georgian lender TBC targets London listing

London-Stock-Exchange-001

Georgian bank lender TBC is planning to list on the London Stock Exchange to raise around $100m (£60m) of new money for the society.

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 Georgia’s second largest bank, partially owned by the European Bank for Reconstruction and Development, said on Monday it intends to sell global depositary receipts (GDRs) within the first half of this year.

 TBC said that its founding shareholders, Mamuka Khazardze who owns around 27pc and Badri Japaridze, who owns 4pc, do not intend to sell any portion of their shares in the initial public offering (IPO).

 The respite of the bank is controlled by the EBRD and the International Finance Corporation who both own 20pc of the troupe, while US bank JP Morgan owns 5pc, Ashmore owns 4pc, DEG owns 11pc and the Dutch Development Corporation owns 5pc.

 Its chief rival is the Bank of Georgia, which is also listed on the London Stock Exchange and has a market capital of £849.4m.

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