TBC Bank

Overview

TBC Bank is a Georgian bank headquartered in Tbilisi, Georgia. The name, TBC Bank, traces its root to its original name, Tbilisi Business Centre, dating back to 1992. Currently, TBC is registered as the official name of the bank, not just an abbreviation of the original name.

It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

History

The history of TBC Bank dates back to 1992 when two Georgian businessmen Mamuka Khazaradze and Badri Japaridze, along with other Georgian partners founded the bank, Tbilisi Business Centre, abbreviated as TBC. They established the bank with an initial capital of $500, which was the amount required to establish the bank in Georgia in the early 1990s. The bank was licensed by the NBG (General banking license No. 85) on January 20, 1993, and was granted another license to conduct international transactions in May 1993.

In 1995 the bank was operating with one branch and 29 employees, its total assets amounting to $1.4 million. Vakhtang Butskhrikidze, who joined the bank in 1993 was appointed to the position of chief executive officer (CEO) of TBC in 1995, and has remained in that position since his appointment.

On 11 June 2014, London Stock Exchange welcomed TBC Bank to the Main Market following its listing of Global Depositary Receipts (GDRs). The Bank raised $239m at IPO, giving it a market value of $640m. TBC Bank IPO was also the largest IPO from Georgia and the largest international off-index IPO from the EMEA region.

In January 2019, the bank announced that it was being investigated by the National Bank of Georgia over the legality of certain transactions entered into in 2007 and 2008.

In February 2019, the bank was instructed by the National Bank of Georgia to ask its chairman and deputy chairman to stand down on the basis of violation of the legislation regulating conflict of interests.