LONDON, June 26, 2014 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, has been appointed by TBC Bank Joint Stock Company (TBC Bank) as the depositary bank for its global depositary receipt (GDR) programme. Each GDR represents one ordinary share and trades on the London Stock Exchange under the ticker symbol "TBCB". TBC Bank's ordinary shares are unlisted.
TBC Bank is a leading universal banking group headquartered in Tbilisi, Georgia, with a share of deposits representing 28 per cent of the total market. It is the second largest bank in the country by assets and the market leader in the retail segment. TBC Bank provides services to its customers in four business segments: corporate, retail, small and medium-sized enterprise (SME), and the microfinance sector.
"We are delighted with the response to our GDR offering on the London Stock Exchange and look forward to our future life as a publicly-traded company on an international exchange," said Vakhtang Butskhrikidze, CEO of TBC Bank. "It is gratifying to see that so many prestigious international investors recognise TBC Bank's outstanding track record and support our growth strategy, while also demonstrating their belief in the fundamental strength and stability of the Georgian economy. We are proud to welcome our new shareholders and look forward to implementing our continued expansion in the retail, SME and microfinance sectors of our market."
BNY Mellon currently acts as depositary bank for all DR programmes in Georgia.
"This is the largest ever initial public offering (IPO) from Georgia and the country's second international IPO on the London Stock Exchange," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "TBC Bank's diverse investor base demonstrates positive investor sentiment in Georgia and we hope that this deal will provide a template for other Georgian companies that want to raise capital."
Notes to editors:
BNY Mellon acts as depositary for more than 2,800 American and global depositary receipt programs, acting in partnership with leading companies from over 65 countries. BNY Mellon is committed to helping securities issuers access the world's rapidly evolving financial markets and delivers a comprehensive suite of depositary receipt services.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of March 31, 2014, BNY Mellon had $27.9 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at www.bnymellon.com, or follow us on Twitter @BNYMellon.
This release is for informational purposes only. BNY Mellon provides no advice or recommendation or endorsement with respect to any company, security or products based on any index licensed by BNY Mellon, and we make no representation regarding the advisability of investing in the same. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.
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All information and figures source BNY Mellon unless otherwise stated as at March 31, 2014.
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SOURCE BNY Mellon