BNY Mellon wins GDR mandate

BNY Mellon wins GDR mandate

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 LSE.

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 business.

BNY Mellon says it is depositary bank for all DR programmes in Georgia.