TBC Capital
TBC Capital is the investment banking arm of TBC Bank Group PLC (LSE: TBCG), providing brokerage, advisory, capital markets and research services to corporates, HNW individuals, and financial institutions in Georgia and the wider Caucasus region.
- Company typePrivate
- Founded1991
- HeadquartersTbilisi, Georgia
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What TBC Capital does
TBC Capital is the investment banking arm of TBC Bank Group PLC (LSE: TBCG), Georgia's largest commercial bank, and operates as a licensed brokerage, advisory and research firm headquartered in Tbilisi. Founded in 1991, the firm serves three primary client segments: high net-worth individuals, corporate entities, and financial institutions across Georgia and the wider Caucasus region.
The company runs four integrated business lines: (1) Investment Banking Advisory covering M&A, financing, strategy, and restructuring; (2) Capital Markets Advisory across DCM and ECM, with placement, market sounding, documentation, and settlement services; (3) Brokerage Services delivered through a web and mobile trading platform providing access to 30,000+ stocks and 5,500+ ETFs across 60+ stock exchanges in 20 countries, with custody delivered in partnership with Clearstream, Euroclear and Citi Bank; and (4) Research, where the firm operates the largest research franchise in Georgia with 812 publications covering macroeconomic, sectoral, financial markets, weekly updates and customized reports. Underlying technology combines a self-directed digital trading platform, a broker-executed trading workflow via DriveWealth, and analytical research infrastructure.
TBC Capital generates revenue through four streams: transactional brokerage fees (e.g., US stocks from USD 0.02/share, UK stocks from 0.1% of trade value), DCM/ECM placement and underwriting fees, M&A and corporate finance advisory retainers, and subscription/marketing-supported research. It holds a 56% market share in the Georgian debt capital market, has executed 60+ bond transactions, manages GEL 9.1 billion in bonds outstanding and GEL 1.7 billion in assets under administration, and has been named Best Investment Bank in Georgia in eight of the last nine years by Global Finance Magazine and Euromoney. As a 100% subsidiary of a publicly-listed LSE bank group, the firm's growth is structurally aligned with TBC Bank's regional expansion strategy, including recent moves into Uzbekistan's capital market.
TBC Capital firmographics
Firmographics- Name
- TBC Capital
- Legal name
- TBC Capital
- Website
- https://tbccapital.ge
- Company type
- Private
- Founded year
- 1991
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- TBC Capital is the investment banking arm of TBC Bank Group PLC (LSE: TBCG), providing brokerage, advisory, capital markets and research services to corporates, HNW individuals, and financial institutions in Georgia and the wider Caucasus region.
- Ownership category
- akta.pro rank
TBC Capital industry classification
Industry- Product category
- Investment Banking
- NAICS
- Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Finance and Insurance (52)
- akta.pro primary industry
- Corporate Finance & Capital Advisory (BPAHADAB)
Keywords
Where TBC Capital is headquartered
LocationHeadquarters
- HQ city
- Tbilisi
- HQ country
- Georgia
- HQ region
- Asia
Offices1 record
Markets served
TBC Capital business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Brokerage Services: Multi-asset trading account services providing access to global markets, stocks, ETFs, and fixed income securities through advanced web and mobile platforms
- Capital Markets Advisory (DCM/ECM): Debt and equity capital markets services including placement of securities, balance sheet improvement, and financing cost reduction
- Corporate Finance Advisory: Advisory services in mergers and acquisitions, financing, strategy, and restructuring
- Research: Macroeconomic, sectoral, and equity market research reports and analysis
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard brokerage trading fees |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
TBC Capital product offering
Product offeringCore offering
TBC Capital provides investment banking, brokerage, research, and corporate finance advisory services in Georgia and the wider Caucasus region. Its offerings span debt and equity capital markets advisory (placement of public and private securities), mergers and acquisitions advisory, financing and restructuring advisory, a multi-asset brokerage platform with global market access, custody services via international partners, and macroeconomic, sectoral, and financial markets research.
Product overview
TBC Capital is a leading provider of investment, brokerage, research, and corporate finance solutions in Georgia. The company operates as a platform with multiple integrated products and services: Investment Banking (Capital Markets Advisory, Debt Capital Markets, Equity Capital Markets, Private Capital Solutions, Corporate Finance Advisory), Brokerage (Multi-Asset Trading Account, Trading Platform, Custody Services), and Research (Macroeconomics, Sectoral Research, Financial Markets Research, Weekly Updates, Customised Reports). Additionally, TBC Capital offers TBC Digital Bank Investment Platform for stocks and funds investment, Smart Portfolio for automated investing, and TBC Capital Camp as a student development program. The company also provides a Client Portal for account management and recently launched liquidity management services for corporate clients.
Differentiator
Problem solved
Functional benefit
Products and services
- Multi-Asset Trading Account Brokerage service combining self-directed online trading and broker-executed trading, providing retail and HNW investors access to more than 30,000 stocks and 5,500 ETFs listed on 60 stock exchanges across 20 countries. Backed by custody with Clearstream, Euroclear, and Citi Bank.
- Trading Platform Web and mobile trading platform with advanced tools for informed decision-making, offering access to 20+ global markets and 60+ leading stock exchanges worldwide, enabling portfolio diversification across diverse financial instruments and geographies.
- Custody Services Comprehensive custody services delivered in strategic collaboration with Clearstream, Euroclear, and Citi Bank, providing safeguarding for portfolio financial instruments, asset preservation, and efficient distribution of securities-generated income including redemptions, coupon payments, and dividend disbursements.
- Investment Banking Advisory Corporate finance advisory services spanning mergers and acquisitions, financing, strategy, and restructuring, enabling corporate clients to achieve financial ambitions and execute financial transactions. Includes Debt Capital Markets, Equity Capital Markets, Private Capital Solutions, and Corporate Finance Advisory sub-services.
- Debt Capital Markets Comprehensive services for placing public and private debt securities on both local and international markets, with over 60 successfully completed bond transactions and ranked as the #1 player on the Georgian debt capital market with 56% market share.
- Research Market-oriented research covering Georgian economy and wider region, including Macroeconomics (rates, commodities, public policy), Sectoral research (agriculture, energy, healthcare, real estate, retail, telecom, tourism, transportation, and more), Financial Markets research (fixed income), Weekly Updates, and Customised Reports. 812+ publications produced to date.
- Smart Portfolio Automated investment service that monitors and automatically re-balances user portfolios, selecting portfolios based on user preferences. Designed for retail investors seeking passive portfolio management.
- TBC Digital Bank Investment Platform Investment platform accessible through the TBC Digital Bank app, enabling investment in stocks and funds with no account fees, no transfer fees, and 24/7 deposit/withdrawal with no fees.
- Client Portal Online portal for client account access and management for brokerage and investment clients.
Quantifiable outcome
- 56% market share in Georgian debt capital market
- +3 more outcomes
Companies that use TBC Capital
Customer profileNamed customers14 records
Segments4 records
Ideal customer profiles3 records
TBC Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature3 records
TBC Capital partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and strategic.
- DriveWealth LLCcorePartner broker for TBC Capital's brokerage services. DriveWealth is a registered broker-dealer and member of FINRA and SIPC. The brokerage account is held with DriveWealth as broker of record.
- ClearstreamstrategicInternational securities depository providing custody services for TBC Capital's brokerage operations.
- EuroclearstrategicInternational securities depository providing custody services for TBC Capital's brokerage operations.
- Citi BankstrategicPremier international partner providing custody services for TBC Capital's brokerage operations.
- Galt & TaggartstrategicJoint lead manager for Georgia Healthcare Group's GEL 350,000,000 bond issuance - the largest GEL-denominated local bond in Georgian capital market history.
- National Bank of GeorgiastrategicSupported TBC Capital's International Capital Markets Conference. The conference brought together international investment banks, investors, issuers, and regulators.
- J.P. MorganstrategicParticipated as a leading representative from top global financial institutions at TBC Capital's International Capital Markets Conference.
- CitistrategicParticipated as a leading representative from top global financial institutions at TBC Capital's International Capital Markets Conference.
- Morgan StanleystrategicParticipated as a leading representative from top global financial institutions at TBC Capital's International Capital Markets Conference.
- ICBC Standard BankstrategicParticipated as a leading representative from top global financial institutions at TBC Capital's International Capital Markets Conference.
Scale indicators9 records
Recent moves6 records
Expansion highlights5 records
TBC Capital competitors and assessment
Company assessmentEmerging players
- Freedom Holding Corp. Multi-jurisdictional financial services holding company with brokerage and investment banking operations across CIS countries. Comparable in targeting retail brokerage and institutional capital markets in frontier markets.
- Sova Capital: Russian investment bank (historically active in CIS markets) with comparable brokerage, research, and capital markets activities. Similar model of providing full investment banking services in an emerging market context.
Broad incumbents
- Morgan Stanley: Global bulge-bracket bank with expanding presence in frontier and emerging markets including Georgia. Competes for high-end ECM, M&A, and advisory mandates across the region.
- Renaissance Capital: One of the largest emerging market investment banks historically active across CIS and frontier markets, including Georgia. Provides comparable ECM/DCM/advisory services with broader geographic reach than TBC Capital.
- Citi: Global investment bank with active presence in Georgia and the wider region, including as a custody partner for TBC Capital. Competes for large corporate and sovereign mandates in the Georgian capital market.
- J.P. Morgan: Global bulge-bracket investment bank increasingly active in Georgia and the Caucasus region. Provides full investment banking capabilities that dwarf TBC Capital's scale, posing competitive pressure on larger cross-border mandates.
- Raiffeisen Bank International: Major CEE-headquartered bank with investment banking capabilities across Central and Eastern Europe and CIS. Comparable in combining retail banking parent with investment banking services, and competing for large regional mandates.
Direct peers
- Halyk Finance: Leading investment bank in Kazakhstan, a comparable emerging market CIS/Central Asian broker-dealer with comprehensive capital markets, brokerage, research, and advisory offerings. Closely comparable model in a slightly larger but adjacent emerging market.
- Galt & Taggart: Leading Georgian investment bank and brokerage firm, direct competitor to TBC Capital in Georgian DCM and capital markets advisory. Joint lead manager with TBC Capital on many landmark issuances including the GEL 350M Georgia Healthcare Group bond.
- Bank of Georgia Capital: Investment banking arm of Bank of Georgia, TBC Capital's closest domestic competitor in Georgian DCM, ECM, M&A advisory, and brokerage services. Closely comparable in scale, services, and target clients.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
TBC Capital social profiles
Digital presenceTBC Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
TBC Capital leadership team
Management profileNumber of profiles
Profiles5 records
TBC Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
TBC Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about TBC Capital
What does TBC Capital do?
TBC Capital provides investment banking, brokerage, research, and corporate finance advisory services in Georgia and the wider Caucasus region. Its offerings span debt and equity capital markets advisory (placement of public and private securities), mergers and acquisitions advisory, financing and restructuring advisory, a multi-asset brokerage platform with global market access, custody services via international partners, and macroeconomic, sectoral, and financial markets research.
Is TBC Capital a public or private company?
TBC Capital is a private company. It is classified as corporate owned and is currently operating.
When was TBC Capital founded?
TBC Capital was founded in 1991. It employs 11 to 50 people.
Where is TBC Capital based?
TBC Capital is headquartered in Tbilisi, Georgia, in the Asia region.
How does TBC Capital make money?
Four revenue lines are on record. Brokerage Services are the primary driver. The others are capital Markets Advisory (DCM/ECM), corporate Finance Advisory and research.
Who are TBC Capital's main competitors?
Emerging players on record are Freedom Holding Corp. and Sova Capital. Broad incumbents are Morgan Stanley, Renaissance Capital, Citi, J.P. Morgan and Raiffeisen Bank International. Direct peers are Halyk Finance, Galt & Taggart and Bank of Georgia Capital.
Does TBC Capital have an API?
No public API is recorded for TBC Capital.
What industry is TBC Capital in?
TBC Capital's product category is Investment Banking. Its primary akta.pro industry code is BPAHADAB, Corporate Finance & Capital Advisory. Its NAICS code is 523.