The Georgian bank TBC Bank Group received permission to acquire the Ukrainian payment service Fondy, which will help expand its influence on the electronic payments market.
Purchase of Fondy
Acquisition permit
The Antimonopoly Committee of Ukraine approved the decision to grant a permit to the Georgian financial group TBC Bank Group for acquisition control over the Ukrainian payment service Fondy Payments Ltd. The relevant decision of AMCU was published on April 25, 2024.
According to the adopted decision, TBC Bank Group received the right to purchase shares in the Ukrainian company "Alliance" and the Irish Fondy Payments Ltd. through its British subsidiary TBC International Holdings Limited.
Concerted actions with a citizen of Ukraine
In addition, the Antimonopoly Committee allowed TBC Bank Group to take concerted actions with a natural person - a citizen of Ukraine. These agreed steps relate to the implementation of the restrictive covenants contained in the shareholder agreement for a period of five years.
TBC Bank Group is the leading bank of Georgia
TBC Bank Group is one of the two largest banks of Georgia, which accounts for about 40% of the assets of the country's banking sector. The bank has an extensive network of 13 branches and 32 service centers throughout Georgia. Founded in 1992, it also started operations in Uzbekistan in 2019. Shares of TBC Bank Group have been traded on the London Stock Exchange since 2014, and since 2017 they have been included in the FTSE 250 index. The bank's capitalization is £1.4 billion.
Fondy is a leading e-payment operator commerce
Fondy is one of the largest operators in the e-commerce payment market in Ukraine, serving about 20,000 merchants and offering a wide range of payment solutions for online and offline businesses.
Glossary
- TBC Bank Group is a Georgian banking group, one of the largest in the country.
- Fondy Payments Ltd is a Ukrainian company, an operator of payment solutions for e-commerce.
- The Antimonopoly Committee of Ukraine (AMCU) is a state body that monitors compliance with competition legislation.
- The London Stock Exchange is one of the largest stock exchanges in the world, located in Great Britain.
- FTSE 250 is a stock index tracking the 250 largest companies traded on the London Stock Exchange after the 100 companies included in the FTSE 100 index.
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Discussion of the topic – Georgian bank TBC Group buys Ukrainian payment service Fondy
The Antimonopoly Committee of Ukraine allowed the Georgian TBC Bank Group to take control of the Ukrainian company Fondy Payments Ltd, which provides electronic payment services.
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Оксана
Wow, what news! 🤯 Funds are truly leaders among payment services in Ukraine. I wonder how the integration with TBC Bank Group will affect their services. Maybe they will offer new solutions for e-commerce?
Михайло
TBC Bank Group is a powerful banking group with experience in fintech. 💰 This could be a great boost for Fondy's international development. I want to see new interesting products from them.
Євген
I hope this will not lead to the monopolization of the market of payment solutions. 🤔 Competition is good, it stimulates companies to develop and offer better conditions for customers.
Ігор
And I'm happy for Fondy! They deserved such a step forward. 👏 They were always at their best - reliable, innovative, customer-oriented. I expect an even bigger breakthrough from them after this deal.
Григорій
Well, nonsense! 😒 These "innovations" only take away my peace. Sooner or later, all these new technologies will lead to the fact that I will not be able to pay for bread without a smartphone and an app!
Катерина
Don't worry, Grigory! 🙂 As long as there is a demand for traditional payment methods, they will not disappear anywhere. But it's great that new opportunities are emerging for those who love technology and online payments.
Олександр
I am wondering if there will be any new payment instruments or payment methods after this deal. 💳 Fondy has always been a leader in innovation, so let's see what they have in store for us this time!
Юлія
As an online store owner, I look forward to new opportunities to increase conversions and improve the customer experience when making payments. 💻 Fondy have always been reliable partners, so I hope for even better service after the merger!