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TBC Group Plc invests in Georgian unit

TBC Bank Group Plc invested 100 million Georgian Lari in Tbilisi-based unit JSC TBC Bank to optimize its capital structure, the parent company said on Dec. 29.

As part of the transaction, JSC TBC Bank will add 2,620,638 ordinary shares to its existing share capital, of which 2,578,649 shares will be subscribed by TBC Bank Group. The remaining 41,989 shares will be offered to minority shareholders on a prorated basis, to be subscribed by Jan. 27, 2017.

As of Dec. 29, US$1 was equivalent to 2.660 Georgian Lari.