13:02 - 18.06.2019

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June 18, Fineko/abc. A joint-stock agreement has been signed between TBC Bank (one of the leading banks of Georgia) and Nikoil Bank (Azerbaijan), Georgian bank’s annual report for 2018 says.

The agreement is aimed at developing TBC Bank’s business in Azerbaijan and provides for the merger of Nikoil Bank with TBC Kredit’s subsidiary in Azerbaijan.

According to the report, as a result of this merger, TBC Bank will have a equity stake of 8.34% in the authorized capital of Nikoil Bank.

At the same time, in the next four years TBC Bank may increase its equity stake up to 50% + 1 share.

According to the 4-year investment plan, TBC Bank will invest $3-5 million a year in Nikoil Bank.

TBC Bank will be represented in Nikoil Bank’s Board and will play a crucial role in the development and implementation of Bank's new strategy as a result of the merger. TBC Bank intends to use its experience gained in Georgia to manage Nikoil Bank. NiKoil Bank is expected to turn into a fully digital bank. TBC Bank will support the growth of Nikoil Bank in the retail market and the market of small and medium business.