Georgia’s Association of Banks Supports TBC

The Association of Banks of Georgia has released a statement expressing support to the largest bank in the country – TBC Bank.

The statement reads that the decision of the National Bank of Georgia (NBG) to suspend authority for the TBC Bank's Supervisory Board Chairman Mamuka Khazaradze and his Deputy Badri Japaridze will not affect TBC Bank's future development and its strategy.

“TBC Bank is the leading financial institution, which is represented in the premium segment of the London Stock Exchange (FTSE250) and is governed by internationally recognized standards. TBC Bank is a leading financial institution not only in the country, but in the region. This gives us the right to state that the decision of the regulator will not affect TBC Bank's future development and its strategy,” the statement reads.

The Association welcomed the decision of TBC Bank management to use all legal ways to protect the interests of its shareholders and the bank.

“The Association of Banks of Georgia supports TBC Bank, all its employees and calls on the stakeholders to refrain from excessive insinuations”, reads the statement,” the statement says.

By Thea Morrison

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15 February 2019 14:04