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BNY Mellon wins GDR mandate
26 June 2014
Biggest ever IPO from Georgia
BNY Mellon has been appointed by Georgia-based TBC Bank Joint
Stock Company (TBC Bank) as the depositary bank for its global
depositary receipt (GDR) programme.
The initial public offering (IPO) is the largest to ever occur
in Georgia and is the country's second international IPO on the
Each GDR represents one ordinary share and trades on the London
Stock Exchange (LSE) under the ticker symbol "TBCB". TBC Bank's
ordinary shares are unlisted.
"We are delighted with the response to our GDR offering on the
LSE and look forward to our future life as a publicly-traded
company on an international exchange," said Vakhtang
Butskhrikidze, CEO of TBC Bank.
"It is gratifying to see that so many prestigious international
investors recognise TBC Bank's outstanding track record and
support our growth strategy, while also demonstrating their
belief in the fundamental strength and stability of the
Georgian economy. We are proud to welcome our new shareholders
and look forward to implementing our continued expansion in the
retail, SME and microfinance sectors of our market."
TBC Bank is the second-largest bank in the country by assets,
providing services to its customers across corporate, retail,
small and medium-sized enterprise (SME) and microfinance.
"TBC Bank's diverse investor base demonstrates positive
investor sentiment in Georgia and we hope that this deal will
provide a template for other Georgian companies that want to
raise capital," said Christopher Kearns, CEO of BNY Mellon's DR
BNY Mellon says it is depositary bank for all DR programmes in