Reduction of Capital
TBC Bank Group PLC ("TBC") announces that the reduction of capital described in the prospectus issued by TBC on 1 June 2016 (the "Reduction of Capital") has today been approved by the High Court of Justice of England and Wales (the "Court").
The Court Order approving the Reduction of Capital has been registered with the Registrar of Companies today and accordingly the Reduction of Capital has now become effective. The nominal value of each of the ordinary shares in the capital of TBC (the "TBC Shares") has been reduced from £5.00 to £0.01 and the Reduction of Capital has created distributable reserves of approximately £245.3 million for TBC.
The Reduction of Capital is a legal and accounting adjustment and is not expected to have any direct impact on the market value of the TBC Shares.
TBC Bank Group PLC
Head of Investor Relations
About TBC Bank Group PLC
TBC Bank Group PLC is a public limited company registered in England and Wales that was incorporated in February 2016. TBC Bank Group PLC became the parent company of JSC Bank on 10 August 2016.
About TBC Bank Joint Stock Company ("TBC Bank")
TBC Bank, together with its subsidiaries, is one of the leading universal banking groups in Georgia, with a total market share of 28.2% of loans and 29.3% of non-banking deposits in Georgia as at 30 June 2016, according to data published by the NBG. It holds the number one position in deposits of individuals, the number two position in loans (both to individuals and to legal entities) and in deposits of legal entities, according to NBG data, and has a particular expertise in the fast-growing SME and micro sectors, where TBC Bank considers itself a market leader.
This information is provided by RNS