The Banking Association of Georgia Speaks out in Support of TBC Bank

The following is a statement released by the Banking Association of Georgia:

“Distinguished by a high level of stability, the Georgian banking sector presents a guarantee for the economic development of the country. A high level of financial transparency, regular positive assessments by international credit-rating agencies and activity in the sector of international financial institutions/investors points to a high level of confidence in the sector.

“Misinterpreting the recent developments with respect to TBC Bank and profiteering through high interest from the public may interfere with the process of understanding the correct information and at the same time generate incorrect expectations regarding future developments.

“The [Georgian] banking sector has always been under the close scrutiny and supervision of local regulators, international auditors, credit-rating agencies and investors, which secures a high level of stability and sustainability of both TBC Bank and the banking sector as a whole.

“The Banking Association of Georgia will always protect the interests of its member banks and will not allow the running of a smear campaign targeted against a leading financial institution of the country, which can not only shake the reputation of a specific bank but also the whole banking system of Georgia, thus adversely affecting the economic development of our country.”