French banking group Societe Generale has divested its entire 5.3% equity stake in Georgia’s TBC Bank Group.
Societe Generale offloaded the stake by selling around 2.8 million TBC shares to institutional investors in the UK, US and Europe in an accelerated bookbuild. The deal valued each share at £15.25.
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The French lender expects the sale to have a “very limited positive impact” on its financial ratios.
Societe Generale bought the TBC stake in October last year following TBC’s acquisition of its Georgian arm Bank Republic.
TBC Bank bought Societe Generale’s 93.64% stake in JSC Bank Republic for £103m in September 2016. The deal led to the creation of the largest bank in Georgia by loans and deposits, increasing TBC Bank’s loan market share by 7.3% to 35.7% and the deposit market share by 5.3% to 34.5%.
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