The European Bank for Reconstruction and Development (EBRD) has sold off 30 percent of its shares in Georgian bank TBC Bank Group PLC.

TBC Bank has performed well on the London Stock Exchange, according to a press release from the EBRD. The EBRD sold some of its stake in the company to help TBC's bank development, according to the press release. The shares sold by the EBRD amount to less than 4 percent of all TBC shares.

“TBC Bank is a success story and the EBRD is proud to be a part of it," Mike Taylor, EBRD Director and Head of Financial Institutions in the south and eastern Mediterranean and Caucasus regions, said. "The bank’s strong progress allows us now to reduce our role. However, we retain a stake which not only expresses our ongoing commitment to the bank, but will also allow us to continue to be actively involved in its further development. Supporting TBC Bank to realize its potential will boost the Georgian economy and benefit the bank’s customers."

The EBRD first bought shares in TBC Bank in 2009 and again in 2012.