Bank Republic, to TBC Bank, the second largest banking group in Georgia. Société Générale , the French financial organisation, has agreed to sell its 70% stake in Bank Republic to TBC Bank for a sum of €121m ( GEL 315m). 70% of the sum will be paid in cash, with 30% paid in TBC Bank Group shares. Société Générale’s will retain a minor stake in the capital of the firm, and the deal should be completed by the end of 2016 . Bank Republic is currently Société Générale’s Georgian subsidiary, with TBC Bank being the second largest banking group in the region. Société Générale ’s 31 million clients will remain largely unaffected.
Société Générale , the French financial organisation, has agreed to sell its 70% stake in Bank Republic to TBC Bank for a sum of €121m ( GEL 315m). 70% of the sum will be paid in cash, with 30% paid in TBC Bank Group shares. Société Générale’s will retain a minor stake in the capital of the firm, and the deal should be completed by the end of 2016 . Bank Republic is currently Société Générale’s Georgian subsidiary, with TBC Bank being the second largest banking group in the region. Société Générale ’s 31 million clients will remain largely unaffected.