Baku, Azerbaijan, July 25
By Tamilla Mammadova – Trend:
Shares of Georgian TBC Bank on the London Stock Exchange fell in price by 11.81 percent, Trend reports with reference to 1tv.ge.
In the evening of July 23, the price of one security was 14.9 pounds sterling, and upon completion of trading on July 24, the price dropped to 13.14 pounds sterling.
The price of TBC Bank shares is at its lowest level after February 20. In February,the National bank of Georgia demanded to recall the founders of TBC bank Mamuka Hazaradze and Badri Dzhaparidze from TBC Bank. It was followed by falling of stock prices.
TBC Bank is one of the largest banks in Georgia. It was founded in 1992 and the bank received a license for international transactions in 1993. In 2000, the International Finance Corporation (IFC) and the German Investment and Development Corporation (DEG) became shareholders of TBC Bank.
In 2004, TBC Bank was recognized as one of the best banks in the world operating in the foreign exchange market. In 2011, Euromoney, one of the largest financial magazines in Europe, awarded TBC Bank the title of “Best Bank in Georgia”.
In 2014, it became the second bank from Georgia, which was listed on the London Stock Exchange. The cost of the initial public offering of TBC Bank shares was $239 million, which is the highest figure among banks from Georgia.
(1 USD = 2.89 GEL on July 25)