Georgian Bank Appoints BNY Mellon as Depositary Bank

TBC Bank has appointed BNY Mellon as depositary bank for its global depositary receipt (GDR) program, which conducted an initial public offering on the London Stock Exchange earlier this month.

The bank is based in the Republic of Georgia and provides services to customers in four segments: corporate, retail, small and medium-sized enterprise (SME), and the microfinance sector. BNY Mellon, which currently servers as depositary bank for all of Georgia’s DR programs, says the IPO is the largest ever coming from Georgia, and it’s the country’s second international IPO listed on the London Stock Exchange.

“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,” says Christopher Kearns, CEO of BNY Mellon’s Depositary Receipts business.

“It is gratifying to see that so many prestigious international investors recognize 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,” says Vakhtang Butskhrikidze, CEO of TBC Bank. “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.”