TBC Bank tumbles as EBRD sells stake in placing

TBC Bank tumbled on Tuesday after the European Bank for Reconstruction & Development sold 850,000 shares in the Georgian lender in an accelerated bookbuild.

EBRD said it had cut its stake in TBC to 3.5% after selling a 1.5% interest in the placing.

"As a continuing shareholder, the EBRD remains confident about TBC Bank’s strong performance and bright prospects for future growth and strategic development," it said. "The bank also remains committed to supporting TBC Bank in its regional expansion."

The EBRD bought shares in TBC in 2009 as part of a larger funding package. In 2012, together with other international financial institutions as shareholders, the EBRD participated in a rights issue by TBC Bank.

Subsequently, the bank was listed on the London Stock Exchange in 2014, and upgraded into the premium segment of the main market in 2016.

At 0910 GMT, TBC shares were down 12% at 1,996p.