TBC Bank CEO,Vakhtang Butsrikidze says that TBC Bank has purchased Societe Generale’s 93.64% stake in Bank Republic for GEL 315 million (EUR 121 million), according to the deal, which is expected to be closed before the end of this year.

Burtskhikidze stated that 70 percent of the transaction amount will be paid in cash and 30 percent in newly issued TBC Bank shares; as a result, Society General would hold “a limited minority stake” in TBC Bank..

Butskhrikidze says that banks will unite a total of 170 branches, develope an optimal interest rate for the comfort of users. TBC Bank CEO does not rule out that some of the branches will be closed , because there are cases that bank branches are located side by side.

Mr. Butskhrikidze explains that TBC Bank has also purchased 108 million dollars in assets and 108 million in commitments in Progress Bank, which he said did not mean that TBC has bough the bank.