Credo Bank, with the exclusive support of TBC Capital, successfully placed USD 10 million perpetual, subordinated Additional Tier 1 (AT1) bonds through a private placement.
The transaction marks Credo Bank’s first market placement of Additional Tier 1 capital instruments and attracted strong investor demand. Institutional investors subscribed to 54% of the issuance, while the remaining 46% was allocated to sophisticated individual investors. The issuance will further strengthen the Bank’s capital position and support its future growth.
Comprehensive legal support throughout the transaction was provided by BLC Law Office.
“The placement of an Additional Tier 1 (AT1) instrument in the local market marks an important milestone for Credo Bank. The transaction strengthens the Bank’s capital position and broadens its capital-raising opportunities, supporting future growth.
The strong interest demonstrated by investors is particularly important, reflecting confidence in Credo Bank and our development strategy. We are pleased that this transaction has created new opportunities for cooperation with investors in the local capital market.
I would like to thank all investors for their trust and congratulate the teams involved in the transaction on the successful placement,” said Zaza Pirtskhelava, Chief Executive Officer of Credo Bank.
“I would like to congratulate Credo Bank and its team on the successful transaction. This marks the Bank’s first placement of Additional Tier 1 (AT1) instruments with external investors. The issuance has created a new opportunity for the Bank to raise capital through the local capital market and further diversify its funding sources.
For TBC Capital, this is the second successful AT1 bond issuance this year. The transaction once again demonstrates TBC Capital’s strong ability to attract a diverse investor base, secure competitive financing terms for issuers and broaden Georgian banks’ access to alternative sources of regulatory capital.
I am pleased to see more companies using the local capital market to access financing, with TBC Capital, as a leading investment bank, playing an important role in supporting this growth. We actively support the development of Georgia’s capital market — since the beginning of the year, we have participated in 14 corporate bond transactions and continue to lead the market with a 60% market share,” said Otar Sharikadze, Managing Director of TBC Capital.
Credo Bank is the fifth-largest commercial bank in Georgia. With its wide regional outreach through 97 service centers, it offers fully-fledged and innovative banking services to over 500,000 customers. The Bank’s mission is to support Georgia’s entrepreneurs, their employees and families to create a better future by offering affordable financial services. It is owned by international social impact and development finance institutions: German – Access Credo GmbH, French – Proparco and Japanese – Gojo & Company, Inc. The Bank is rated ‘B+’ by Fitch Ratings, with a Stable Outlook.
TBC Capital is Georgia’s leading investment bank, providing a comprehensive range of services across investment and brokerage, capital markets, research, and mergers and acquisitions (M&A) advisory. The company has earned numerous international awards and accolades, including Euromoney’s 2026 award for Best Investment Bank in Georgia.
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