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Inspection Report: Update
As confirmed by TBC Bank Group PLC ("TBC PLC") on 9th of January 2019, its subsidiary, TBC Bank JSC ("TBC Bank"), has been subject to an inspection by its regulator, the National Bank of Georgia (the "NBG"), in connection with conflict of interest in certain transactions which took place in 2007 and 2008.
With regards to that inspection, the NBG has today requested that the Chairman and Deputy Chairman of TBC PLC cease to hold their current additional positions as board members and Chairman and Vice-Chairman of the Supervisory Board of TBC Bank within two months. The Chairman and Deputy Chairman will continue in those roles on the Board of TBC PLC.
TBC Bank will continue defending its positions in the courts of Georgia.
About TBC Bank Group PLC ("TBC PLC")
TBC PLC is a public limited company registered in England and Wales that was incorporated in February 2016. TBC PLC became the parent company of JSC TBC Bank ("TBC Bank") on 10 August 2016. TBC PLC is listed on the London Stock Exchange under the symbol TBCG.
TBC Bank, together with its subsidiaries, is the leading universal banking group in Georgia, with a total market share of 38.4% of loans and 40.3% of non-banking deposits as at 30 September 2018, according to data published by the National Bank of Georgia.
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