French financial group Societe Generale said it has found an agreement to sell its 93.64% stake in its Georgian subsidiary. Société Générale, the French financial organisation, has agreed to sell its 93.64% stake in Bank Republic to TBC Bank for a sum of approximately €121m (GEL 315m). 70% of the sum will be paid in cash, with 30% paid in TBC Bank Group shares. Société Générale will retain a minor stake in the capital of the firm, and the deal should be completed by the end of 2016. The transaction is expected to close on 30 June 2016, subject to regulatory approvals. Société Générale’s 31 million clients will remain largely unaffected.
Société Générale, the French financial organisation, has agreed to sell its 93.64% stake in Bank Republic to TBC Bank for a sum of approximately €121m (GEL 315m). 70% of the sum will be paid in cash, with 30% paid in TBC Bank Group shares. Société Générale will retain a minor stake in the capital of the firm, and the deal should be completed by the end of 2016. The transaction is expected to close on 30 June 2016, subject to regulatory approvals. Société Générale’s 31 million clients will remain largely unaffected.