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TBC has not Bought Nikoil Bank’s Stake Yet
Mariam Minadze
25 May, 2020, 23:29
TBC has not Bought  Nikoil Bank’s Stake Yet

Tbilisi (GBC) – In January 2019 TBC Bank and Yelo Bank (the former Nikoil Bank) signed an agreement on merger of the Azerbaijani subsidiary TBC Kredit (total capital of 4.7 million USD//31.03.2020) with YELO Bank (total capital of 37 million USD/31.03.2020). However, the transaction has not been fulfilled yet, waiting for the regulator’s approval for about 18 months.


Under the transaction, the TBC ratio will be 8.34%, with a 50%+1 growth option for the next four years.

According to the last agreement, 50%+1 ratio was to increase for 3 years.


There is no capital commitment from TBC side. 

However, under the initial agreement, TBC was to invest about 3-5 million USD in Nikoil every year.

 


 

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