Societe Generale, French financial institution, has sold its 5.61% stake in TBC Bank to British, European and US institutional investors.
As reported, Societe Generale took over a stake in TBC Bank after the latter bought Bank Republic in 2016.
“Sales and acquisition of shares at a stock exchange is a normal process. TBC Bank’s development level has enabled to make such a major deal and sell shares of about 50 million GBP in a day”, Giorgi Shagidze, TBC Bank deputy director, said.
At this stage, major investors of TBC Bank are as follows: EBRD (8,4%), JP morgan (7,77%), Schroder Investment Management (7.72%), Dunross&Co (5.70%).
Societe Generale owned 2.8 million shares of TBC Bank. Initially, value of a TBC Bank share was 12.91 GBP, while yesterday the price per share marked 15.25 GBP.