Nikoil Bank concluded a non-binding strategic partnership agreement with the TBC Bank Joint Stock Company, being a subsidiary of TBC Bank Group PLC.
The strategic partnership agreement was concluded to use the TBC Bank's successful experience in the Georgian market, and implies full integration and interaction of Nikoil Bank with TBC Kredit, which in turn is the TBC Bank's subsidiary. Implementation of the present agreement requires the approval of government agencies. Within the strategic partnership, the representatives of TBC Bank will take part in the work of the Nikoil Bank's Supervisory Board and provide assistance to management to accelerate business development, applying the best international practice.
Nikoil Bank's Chairperson of the Board, Nikoloz Shurgaia, in his assessment of the concluded agreement, noted: "We are delighted to reach the partnership agreement with TBC Bank, which is a leading Georgian bank with best-in-class customer experience and digital capabilities. Together we would provide most modern services to businesses and people of Azerbaijan and succeed in this increasingly dynamic marketplace. The Nikoil Bank's management believes in the positive contribution of this partnership for the development of both the bank and the country's economy as a whole."
The TBC Bank's CEO Vakhtang Butskhrikidze, said: "I appreciate very much that TBC Bank has become a partner of Nikoil Bank, which has passed a long way of formation and developing in the Azerbaijani market, and today has a loyal customer base. This agreement is very important for TBC Bank, which is the Georgia's largest bank and aims to increase its presence in the market of Azerbaijan, where it operates since 2008. We are ready to share our experience and a wide range of products with Nikoil Bank and will be glad to contribute to the development of its business."