Market Overview

BNY Mellon Appointed As Depositary Bank By TBC Bank

Share:

BNY Mellon, a global leader in
investment management and investment services, has been appointed by TBC
Bank Joint Stock Company (TBC Bank) as the depositary bank for its global
depositary receipt (GDR) programme. Each GDR represents one ordinary share
and trades on the London Stock Exchange under the ticker symbol "TBCB". TBC
Bank's ordinary shares are unlisted.
TBC Bank is a leading universal banking group headquartered in Tbilisi,
Georgia, with a share of deposits representing 28 per cent of the total
market. It is the second largest bank in the country by assets and the
market leader in the retail segment. TBC Bank provides services to its
customers in four business segments: corporate, retail, small and
medium-sized enterprise (SME), and the microfinance sector.
"We are delighted with the response to our GDR offering on the London Stock
Exchange and look forward to our future life as a publicly-traded company on
an international exchange," said Vakhtang Butskhrikidze, CEO of TBC Bank.
"It is gratifying to see that so many prestigious international investors
recognise 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. 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."
BNY Mellon currently acts as depositary bank for all DR programmes in
Georgia.
"This is the largest ever initial public offering (IPO) from Georgia and the
country's second international IPO on the London Stock Exchange," said
Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business.
"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."
Notes to editors:
BNY Mellon acts as depositary for more than 2,800 American and global
depositary receipt programs, acting in partnership with leading companies
from over 65 countries. BNY Mellon is committed to helping securities
issuers access the world's rapidly evolving financial markets and delivers a
comprehensive suite of depositary receipt services.
BNY Mellon is a global investments company dedicated to helping its clients
manage and service their financial assets throughout the investment
lifecycle. Whether providing financial services for institutions,
corporations or individual investors, BNY Mellon delivers informed
investment management and investment services in 35 countries and more than
100 markets. As of March 31, 2014, BNY Mellon had $27.9 trillion in assets
under custody and/or administration, and $1.6 trillion in assets under
management. BNY Mellon can act as a single point of contact for clients
looking to create, trade, hold, manage, service, distribute or restructure
investments. BNY Mellon is the corporate brand of The Bank of New York
Mellon Corporation (NYSE: BK). Learn more at www.bnymellon.com, or follow us
on Twitter @BNYMellon.
This release is for informational purposes only. BNY Mellon provides no
advice or recommendation or endorsement with respect to any company,
security or products based on any index licensed by BNY Mellon, and we make
no representation regarding the advisability of investing in the same.
Nothing herein shall be deemed to constitute an offer to sell or a
solicitation of an offer to buy securities. Depositary Receipts: Not FDIC,
State or Federal Agency Insured; May Lose Value; No Bank, State or Federal
Agency Guarantee.
This press release is issued by The Bank of New York Mellon to members of
the financial press and media.
All information and figures source BNY Mellon unless otherwise stated as at
March 31, 2014.
The Bank of New York Mellon, London Branch, registered in England and Wales
with FC005522 and BR000818.
Branch office: One Canada Square, London E14 5AL. The Bank of New York
Mellon is supervised and regulated by the New York State Department of
Financial Services and the Federal Reserve and authorised by the Prudential
Regulation Authority.
The Bank of New York Mellon London branch is subject to regulation by the
Financial Conduct Authority and limited regulation by the Prudential
Regulation Authority.

Posted-In: News Press Releases

 

Related Articles (BK)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Tobacco Sector Slumps After Philip Morris Slashes FY14 Outlook

Nature's Sunshine Products To Enter China; Shares Soar