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BNY Mellon appointed as depositary bank by TBC Bank

The largest ever Georgian initial public offering

BNY Mellon, a global leader in investment management and investment services, has been appointed by TBC Bank Joint Stock Company (TBC Bank) as the depositary bank for its global depositary receipt (GDR) programme. Each GDR represents one ordinary share and trades on the London Stock Exchange under the ticker symbol "TBCB". TBC Bank's ordinary shares are unlisted.

TBC Bank is a leading universal banking group headquartered in Tbilisi, Georgia, with a share of deposits representing 28 per cent of the total market. It is the second largest bank in the country by assets and the market leader in the retail segment. TBC Bank provides services to its customers in four business segments: corporate, retail, small and medium-sized enterprise (SME), and the microfinance sector.

"We are delighted with the response to our GDR offering on the London Stock Exchange 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."

BNY Mellon currently acts as depositary bank for all DR programmes in Georgia.

"This is the largest ever initial public offering (IPO) from Georgia and the country's second international IPO on the London Stock Exchange," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "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."