Business
Fitch Ratings Upgrades TBC Bank Credit Rating
Fitch Ratings Upgrades TBC Bank Credit Rating.
About this update from Tbc Bank Group Plc
[{"type":"text","content":"\n\n\n\n\nFitch Ratings Upgrades TBC Bank Credit Rating\n \nTBC Bank Group PLC (\"TBC PLC\") is pleased to announce that on May 5, 2023 Fitch Ratings has upgraded the credit rating of its subsidiary, JSC TBC Bank (\"TBC Bank\"). The Bank's Long-Term Issuer Default Rating (IDR) has been increased to 'BB' from 'BB-', and Viability Rating (VR) to 'bb' from 'bb-'. The Outlook remains Stable.\nThe rating action was driven by the Bank's strong performance through several economic cycles. TBC's sound business profile, strong profitability and high capitalisation have proved resilient and are particularly strong within the local regional context.\nCEO of the Group, Vakhtang Butskhrikidze, commented:\n\"We are very pleased with the upgrade of TBC's credit ratings by Fitch. This rating action is a clear testimony of the bank's fundamental financial strength and risk profile, robust profitability, sound asset quality, and strong capital position \"- commented Vakhtang Butskhrikidze, Chief Executive Officer of the Group.\n \n \n \nFor further enquiries, please contact:\nDirector of Investor Relations and International Media\nAndrew Keeley\n \nOr\n \nHead of Investor Relations\nAnna Romelashvili\[email protected]\n \n \n \nAbout TBC Bank Group PLC (\"TBC PLC\")\nTBC Bank Group PLC (\"TBC PLC\") is a public limited company registered in England and Wales. TBC PLC is the parent company of JSC TBC Bank (\"TBC Bank\") and a group of companies that principally operate in Georgia in the financial sector. TBC PLC also offers non-financial services via TNET, the largest digital ecosystem in Georgia. Since 2019, TBC PLC has expanded its operations into Uzbekistan by operating fast growing retail digital financial services in the country. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.\n \nTBC Bank, together with its subsidiaries, is a leading universal banking group in Georgia, with a total market share of 39.5% of customer loans and 40.3% of customer deposits as of 31 December 2022, according to data published by the National Bank of Georgia.\n \nContact Details: If you have any questions or if you need additional information please cont...