Citi and JSC TBC Bank Mandate US$67 million Trade Finance Facility
(07 April 2020 – United Kingdom) TBC have announced an agreement between their subsidiary banking unit ‘JSC TBC Bank’ and Citi bank on a US$67 million trade finance facility.
The financing facility will allow TBC to support import and export transactions with the local community of firms based in emerging markets such as Georgia. Georgia currently stands as an emerging and free market and forms part of the European Union’s (EU) free trade area. TBC has sought to boost economic growth via trade financing in order to increase the volume and value of inbound-outbound transactions. This strategic move will strengthen TBC’s global position in the trade finance market.
"We have long-standing partnerships with the leading international banks and financial institutions around the world in trade finance, and we are actively supporting Georgian businesses to expand their trade activities abroad. Currently, our market share in trade financing in Georgia stands around 50 percent and with this new facility, we will be able to further increase our support to local businesses and contribute to the economic development of our country” stated TBC Bank CEO Vakhtang Butskhrikidze.
“Signing the CARTA represents a significant milestone in our partnership with Citibank. The credit line will further support the Georgian trade finance sector. CARTA reflects a clear commitment by both parties to further support export and import transactions in the country and strengthen TBC’s position in the trade finance market” he added.
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