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Finance
Finance Minister Khutsishvili Met With IMF Mission in Tbilisi

According to the Ministry of Finance, the purpose of the visit is to review Georgia’s macroeconomic and fiscal parameters and to discuss medium-term fiscal policy and forecasts. Khutsishvili briefed the mission on the 2025 budget performance and the key indicators of the 2026 state budget, which is expected to be approved by Parliament today.The sides also touched on preparations for the 2026 Article IV Consultation, a regular and comprehensive assessment conducted under the IMF Charter.Deputy Finance Ministers Giorgi Kakauridze and Ekaterine Guntsadze attended the meeting on behalf of the Georgian government.

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Lion Finance Group PLC Cancels Treasury Shares and Declares Q3 2025 In...

In addition, the Company’s Board of Directors has declared an interim dividend of GEL 2.65 per ordinary share for the third quarter of 2025. The dividend will be payable in Pounds Sterling on 9 January 2026 to shareholders on the register at the close of business on 19 December 2025. Key dates are as follows: Ex-Dividend Date: 18 December 2025 Record Date: 19 December 2025 Currency Conversion Date: 19 December 2025 Payment Date: 9 January 2026 The National Bank of Georgia’s average Lari/British Pounds Sterling exchange rate for the period 15–19 December 2025 will be used for the currency conversion and will be announced in due course.

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After Two Years, Allan Gray Begins Increasing Stake in TBC

Following a two-year period of reducing its holdings, this marks Allan Gray’s first transaction in which it purchased shares of TBC PLC.Previously, Allan Gray last traded TBC shares on 27 June, reducing its stake from 3.8861% to 2.993%. Before that, it traded on 2 November 2023, lowering its holding from 4.9897% to 3.9978%.As a result of the most recent transaction, the number of ordinary shares with voting rights held by Allan Gray increased from 1,682,584 to 1,831,304. The trade took place in mid-November in Cape Town, South Africa.

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MacIntyre Enters LFG Share Trading

Specifically, he acquired these shares at an average price of £90.33227 per share, paying a total of £49,953.75.The transaction was executed on the London Stock Exchange on 2 December 2025.As a reminder, MacIntyre was appointed on 26 June this year as Chairman of the Audit Committee and as a member of the Nomination and Risk Committees. The National Bank of Georgia (NBG) also approved his appointment as a member of the Supervisory Board of Bank of Georgia from 23 June. He replaced Jonathan Muir, who could no longer hold the position in accordance with inheritance planning procedures and the NBG’s Corporate Governance Code for commercial banks.

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TBC Capital receives investment intermediary license in Uzbekistan

The company officially started operating on November 18, 2025, at the Republican Stock Exchange “Tashkent” under brokerage number 503.Uzbek media reports that TBC Capital’s entry into the stock exchange reflects a strong interest in the development of the country’s stock market.According to market experts, TBC Capital can make a significant contribution to strengthening and modernizing the financial sector of Uzbekistan.

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Georgian companies’ share prices on the LSE went in different directio...

Lion Finance Group (BGEO LN) shares closed at GBP 91.70/share (+2.34% w/w and +16.52% m/m). More than 224k shares traded in the range of GBP 89.45 - 94.60/share. Average daily traded volume was 45k in the last 4 weeks. The volume of BGEO shares traded was at 0.52% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 40.35/share (- 1.10% w/w and -6.05% m/m). More than 421k shares changed hands in the range of GBP 38.90 - 41.50/share. Average daily traded volume was 116k in the last 4 weeks. The volume of TBCG shares traded was at 0.75% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 28.50/share (+2.52% w/w and +11.33% m/m). More than 178k shares traded in the range of GBP 27.70 - 29.05/share. Average daily traded volume was 37k in the last 4 weeks. The volume of CGEO shares traded was at 0.51% of its capitalization. 

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Fitch Ratings Improves Outlook for Georgian Banks

The banking sector is one of the largest sectors of Georgia’s economy, and the improved ratings indicate both increased confidence from international investors and strengthened resilience within the sector.The long-term credit rating outlook has been upgraded to Stable, while the long-term Issuer Default Ratings (IDR) remain at BB, and the Viability Ratings (VR) have been maintained at their existing levels.At the same time, Fitch Ratings improved the assessment of the operating environment for Georgian banks from ‘bb-/Stable’ to ‘bb/Stable’.According to the agency, this upgrade is driven by the banking sector’s sustainable development and strong credit performance since 2022. Despite a turbulent environment, the sector’s financial indicators and capital positions have remained stable across the board.

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Non-residents cannot participate in TBC's New Year's campaign

On a GEL term deposit (with a maturity of 1 year), the standard interest rate increases from 9.3% to 10.3%.Dollar and Euro deposits are also included in the pre-New Year's offer. As well as deposits in British Pound Sterling, the interest rates on which are 1.15%, 0.4% and 1.05%, respectively (without a surcharge).The bank recently reduced the interest rate on traditional term deposits in GEL (about 2 months ago) and currently accrues 9.8% per annum for 12 months (with withdrawal at the end of the term) (1.4% in USD and GBP, 0.4% in EUR), which is +0.5% with mobile banking.As of November, TBC's retail deposit portfolio is GEL 12.3 billion and ranks as the second with a market share of 35.3%.

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The NBG Keeps Countercyclical Buffer Unchanged

According to the NBG, annual lending growth in Georgia stood at 12.7% in October 2025, lower than the high levels of credit expansion seen in previous periods. The Bank noted that the negative gap between economic growth and the ratio of loans to GDP is decreasing, reducing the need to adjust the buffer at this stage.“Banks continue to maintain healthy capital and liquidity ratios. Business loans contributed significantly to credit growth, and the ratio of loans to GDP remains below the long-term trend. Strong economic growth in the first three quarters, coupled with the normalization of credit activity, has gradually closed the negative gap in the loan-to-GDP ratio,” the NBG said.The Committee also confirmed that commercial banks will continue to accumulate the neutral component of the countercyclical capital buffer gradually. At present, the cyclical component requires no adjustment, reflecting the stability and resilience of the Georgian banking sector.

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TBC received three awards from the UN Global Compact, becoming the fir...

In the “Quality Education” category, TBC’s IT Academy received the award - an initiative that offers young people completely free access to modern, in-demand technology professions. The learning process at the academy is led by top local and international specialists, alongside professionals from the TBC team, which continuously enhances the quality of the programs and their real impact on the sector year after year.TBC’s IT Academy was founded in 2019 and today has more than 5,000 graduates. Of these, 30% work within the TBC Group, while the rest continue their careers at various successful technology companies. The IT Academy is one of the strongest platforms in Georgia for strengthening the ecosystem of professional development and technological education.TBC received its second award in the “Climate Action” category. The bank presented the activities and initiatives it implements to address environmental and climate-related issues. Climate action is an integral part of TBC’s ESG strategy. TBC sources electricity from 12 solar power plants, covering 80% of branch consumption in the regions and 27% in Tbilisi. Its vehicle fleet consists of 57% electric and hybrid cars. TBC’s sustainable portfolio totals GEL 2.07 billion, of which GEL 1.2 million is dedicated to green and climate-related projects.The third award was presented to TBC’s ESG Academy in the “Partnership for Sustainable Development” category. To establish the ESG Academy, TBC secured financial support from the European Union with the assistance of the organization Finance in Motion, under the technical assistance programs of two European funds — EFSE Development Facility and GGF Technical Assistance Facility. The ESG Academy is Georgia’s first long-term educational platform focused on sustainability, offering all training programs free of charge in Georgian. The first course, Green Mindset and Green Financing, was co-created by TBC and the international training company Develor. In total, the academy’s courses will be completed by 900 TBC employees and 300 clients from various business sectors.It is noteworthy that at the event celebrating the 25th anniversary of the UN Global Compact, TBC was also presented with an additional special award. The bank received the award as a company that has been actively engaged in the initiative since its inception, sharing for many years with the business sector and society the steps taken toward achieving sustainable development goals, and has repeatedly won the Corporate Sustainability Awards competition.(R)

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