LONDON (ShareCast) - (Sharecast News) - Shares of TBC Bank fell on Friday after the European Bank for Reconstruction and Development (EBRD) cut its stake in the Georgian lender, selling 1.65m shares in an accelerated bookbuild on the London Stock Exchange.
The amount of shares sold represents a 3% stake in TBC and leaves the EBRD with a 5% interest. The EBRD did not mention a price but traders said the shares were placed at 1,120p each.

"The EBRD is confident in the bank's strong performance and bright prospects, remaining fully supportive of its strategic development and its plans for domestic and cross-border expansion," it said in a statement.

The EBRD first bought shares in TBC in 2009 as part of a larger funding package to strengthen the bank's capital base and support the expansion of its activities. In 2012, the EBRD participated in a rights issue by TBC Bank, which was then listed on the LSE in 2014.

Francis Malige, EBRD managing director of Financial Institutions, said: "TBC is a success story and the EBRD has been, and intends to continue to be, a close partner and shareholder for more than a decade. The bank's strong progress allows us to reduce our shareholding and harvest some of the fruit of our patient investment strategy."

At 1220 GMT, TBC shares were down 5% at 1,187.40p.

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