French financial group Societe Generale said it has found an agreement to sell its 93.64% stake in its Georgian subsidiary. Bank Republic, to TBC Bank, the second largest banking group in Georgia. TBC Bank will purchase Bank Republic for around GEL315m (€121m), of which 70% would be payable in cash and 30% in newly issued TBC Bank Group shares. Societe Generale will hold a minor stake in the firm’s capital. The transaction, pending to regulatory approvals, is expected to close by the end of the year. Societe Generale tallies 31 million clients and said this operation would have a very limited impact on the group’s financial ratios.
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. 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.