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EBRD cuts stake in Georgia's TBC Bank

The European Bank for Reconstruction and Development sold 30% of its stake in TBC Bank Group Plc to U.K., U.S. and European institutional investors.

The bank off-loaded 1.9 million shares through an accelerated bookbuild offering after market close June 5, with the deal closing at a small discount to the prior-day closing price of £17 per share. The bank agreed to a 90-day lock-up period on its remaining stake.

TBC Bank Group has 52,682,843 shares in issue, according to S&P Global Market Intelligence data, implying that the shares sold by the EBRD amount to roughly a 3.6% stake.

TBC Bank Group is the London-listed parent of Georgian lender JSC TBC Bank.