TBC Bank Group Becomes the Owner of KOPENBUR Insurance Company

TBC Bank Group has signed an agreement with insurance company KOPENBUR, becoming its 100% shareholder in a decision made by the TBC Bank Group according to their strategy for diverse financial services and varied products to offer clients.

The re-branding of KOPENBUR is planned for the upcoming months, with clients able to use the insurance company’s products from the New Year.  

KOPENBUR was set up in 2014 with a focus on car insurance, holding 9% of the market, according to the data from June 30.

Following the acquisition, KOPENBUR, as a new and re-branded insurance company, becomes a major partner for TBC Bank, while the group also plans to expand its service portfolio by adding new insurance products:  travel insurance, credit line, life insurance, business property and loan insurance to its spectrum.

The new insurance company will be oriented towards the retail market and services for physical entities. TBC Bank plans to reach 25% of the market, the first investment to be up to 8 million GEL for the upgrade of the company capital and its technological development.

KOPENBUR currently employs almost 100 professionals who will continue to work under the experienced management of Paata Ghadzadze - Deputy Director of TBC Bank and David Kiguradze, who has previously worked as a director for numerous TBC Bank-owned companies in Azerbaijan and Georgia, in addition to the experience of managing one of the leading insurance companies in the country.

“We will primarily focus on the development of retail business. TBC Bank gives an excellent opportunity for that, which most importantly means introducing new products and providing better service offerings to our clients, for which TBC is already well-known. We aim to have the best service and product that our clients can fully benefit from,” said Vakhtang Butskhrikidze TBC Bank CEO during the press conference to introduce the recent acquisition.

 According to Paata Ghadzadze by becoming the 100% shareholder of Kopenbur, TBC Bank will be better able to accommodate for complex insurance policies as required by its clientele, not only specially tailored to their needs but also designed to be less time consuming and extremely client-friendly. At the same time this transaction fully complies with the group’s financial strategy to expand its area of financial services and make the company more attractive to the investors.

By Nino Gugunishvili