TBC Bank acquired Bank Republic in October, 2016 and started the process for unification of the banks. The merger will end on May 6 (to be legally concluded on May 8), 2017. After the merger, only TBC Bank brand will remain and the Bank Republic branches will continue to work under TBC brand.
At this stage the process of replacement of Bank Republic cards with TBC Bank cards is underway. Until May 6, Bank Republic customers should visit branches and receive TBC cards free of charge. From May 6, the customers will no longer be able to use Bank Republic cards. For details you can refer to the call centers of both banks: 2 27 27 27 (TBC) or 2 90 90 90 (BR).
As for the current loan and deposit agreements, they do not require renewal. The customer will use the terms defined by the contract until expiration. There will be an individual communication with the customer if the product/service contracts need to be renewed.
The Bank Republic customers will be able to fully enjoy TBC Bank's operations as well as credit products and services.
The document covers only the matters, which will be subjected to certain changes in the result of merger.
How will the company's Bank Republic accounts be transferred to TBC Bank?
From April 7, TBC Bank will automatically open the new accounts for your company, relevant to your Bank Republic accounts, regardless of already using the TBC Bank accounts. The accounts will have new requisites (SWIFT and IBAN), which will be available as through the TBC Internet Bank as well as at any TBC branch.
Will it still be possible to receive the funds on accounts with the Bank Republic requisites?
It will still be possible to receive sums on the accounts with the Bank Republic codes during three months after the merger. Subsequently, any sum transferred on the accounts with the Bank Republic requisites will be returned to the transferrer. Therefore, please, provide your partners with new account details in a timely manner.
Will there be any changes to tariffs and interest rates on the accounts of legal entities?
• If your company accrues the interest at the Bank Republic current account balance, the accrual will be continued at TBC Bank.
• There will be no changes in the rate of the accounts relocated from Bank Republic to TBC Bank.
Are there any changes concerning the Bank Republic deposits of legal entities?
The Bank Republic term deposits will be transferred to TBC Bank automatically without any amendments to the conditions.
INTERNET BANK AND BANK-CLIENT
Will the Internet Bank / Bank-Client services be automatically registered at TBC Bank after the merger?
• The companies using the Bank Republic Internet Bank and Bank-Client can activate the relevant TBC Bank services through contacting any of the TBC branches from April 10.
• If you are already using the TBC Internet Banking, you can already manage the accounts transferred from the Bank Republic and to conduct operations since April 7. After the merging (May 6), the balance of the migrated accounts will be automatically reflected at TBC Bank.
• If your company is using the Internet banking services of both banks (Bank Republic and TBC Bank) and having the customers, who are not registered at TBC Bank, please, refer to TBC Bank with the request of adding the customers and granting ones the respective rights.
• In the case of the company using the Internet banking services of both banks and having the same customers registered on both platforms but with different rights, the customers will retain only the rights applied by TBC bank. In order to retain the Bank Republic customer rights, please refer to TBC Bank.
STANDING ORDER AND DIRECT DEBIT
What will be the changes concerning the Standing Order and Direct Debit after the merger?
The companies using the Bank Republic Standing Order and Direct Debit services will be able to receive the mentioned services from TBC Bank.
MT940 AND MT101
How are the Bank Republic MT940 and MT101 services to be implemented after the merger?
The companies using the Bank Republic MT940 and MT101 services will be able to receive the mentioned services from TBC Bank. Please send the MT101 notifications to TBC Bank and enter the TBC Bank IBAN on the transferring account.
Will it be possible to use the checkbook issued at Bank Republic?
Upon the unification of the banks, the Bank Republic checkbooks become inoperative. In order to receive the TBC Bank checkbook, please visit any of the TBC bank branches.
POWERS OF ATTORNEY
Can the powers of attorney registered at Bank Republic be distributed on the TBC Bank accounts and vice versa?
If your company's power of attorney is registered at TBC Bank, you can also distribute it to the accounts transferred from Bank Republic. The TBC Bank representative will contact your company regarding the issue.
In case if your company's power of attorney is represented at Bank Republic, it will be transferred to TBC Bank, however, it might not be activated automatically. In certain cases, the TBC Bank representative will contact your company to clarify the details.
Will there be any changes concerning the business cards and how are they replaced?
The Bank Republic business card accounts, which are represented in currencies other than GEL, USD and Euro, will be migrated to TBC Bank as current accounts, while their balances will no longer be available on the BR business card.
The Bank Republic business cards will be automatically replaced with the TBC Bank business cards without any changes in the rates. The TBC Bank representative or private banker will contact your company regarding the new business card.
Will the customer be able to receive the Bank Republic account statements after the merger?
You can receive the Bank Republic statements on the conducted transactions through:
• The Bank Republic Internet bank and Bank-Client (till April 30, 2018);
• Any of the TBC Bank branches (from May 6);
• Sending the request from the TBC Internet bank, from May 6 (the bank representative will return the statements back to the customer via Internet bank)
What will be the changes concerning the credit service of the legal entities?
The conditions of current loans will not change after the unification of banks. Accordingly, you will need to make amendments to the agreements (including the securing agreements) only in the case of issuing a new loan.
In the case of the credit limit on business cards or overdraft indebtedness, the repayment sum will not be charged from the credit limit. The repayment will be conducted from the positive balance of your company's current account.