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TBC Bank Chair And Deputy Chair Asked To Resign From Unit By Regulator

TBC Bank received a letter from National Bank of Georgia (NBG) with the request that the head of the supervisory board and deputy head of the supervisory board leave the board membership within two months.

The regulator’s request is related to the 2007-2008 specific transactions, which NBG classifies as a violation of the legislation regulating the conflict of interests. TBC Bank plans to continue legal dispute on the mentioned issue. TBC Bank will employ all attainable legal leverages to protect the interest of the bank and its stakeholders.

Mamuka Khazaradze and Badri Japaridze continue working on the positions of a chairman of the board of directors and a deputy chairman of the board of directors of TBC Bank Group PLC (TBC Bank owner parent company), the British Holding of TBC Bank.

TBC Bank is the leading public company placed at London Stock Exchange (LSE) and it is represented in the Premium Segment (in the FTSE250 list). The bank represents the interests of investors and stakeholders of all five continents in Georgia.

The mentioned factor will not make influence on the TBC Bank development and strategy. The Bank will keep implementing the outlined plans.