Societe Generale sells its stake in TBC Bank Group PLC

Societe Generale sells its stake in TBC Bank Group PLC

Societe Generale sells its stake in TBC Bank Group PLC

The FINANCIAL -- Societe Generale has sold on June 28 its entire 5.3% equity stake in TBC Bank Group PLC.

On 28th June, Societe Generale sold approximately 2.8 million ordinary shares in TBC Bank Group via an accelerated bookbuild offering to a number of institutional investors at a price of GBP 15.25 per share.

Societe Generale initially acquired this minority stake in October 2016 as part of the sale of its Georgian subsidiary Bank Republic to TBC Bank Group PLC. The settlement and delivery of the shares shall take place on 30th June 2017. After the completion of the transaction, Societe Generale will cease to be a shareholder in TBC Bank Group PLC, according to Societe Generale.

This operation would have a very limited positive impact on the Group’s financial ratios.