NBG about suspension of signatory authorities for TBC Bank's Supervisory Board’s Chair, Deputy Chair

The National Bank of Georgian explains that after examining transactions conducted by TBC Bank 2007-2008, it was revealed that Chairman and Deputy Chairman of TBC Bank's Supervisory Board violated the requirements of the legislation regulating conflict of interests. The NBG released a statement on Thursday, explaining the reasons of the request for suspension of signatory authority for Mamuka Khazaradze and Badri Japaridze.

"The National Bank of Georgia takes high responsibility for the stability of the financial sector. Supervision of commercial banks is carried out in Georgia in accordance with the best international standards.

The NBG decided to suspend the signatory authority for the TBC Bank's Supervisory Board Chairman and Deputy. At the same time, the TBC Bank's shareholders' meeting was tasked to recall them from the supervisory board within 2 months.

The decision is triggered by violations of the requirements of the legislation regulating conflict of interests, which are linked to 2007-2008 transactions.

The National Bank emphasizes that TBC Bank is one of the leading financial institutions with its executive management. TBC Bank is a strong and sustainable credit institution and fully complies with existing economic standards and limits. It should also be noted that this supervisory decision of the National Bank of Georgia is not directed against "TBC Bank"…

The measures taken by the NBG will further improve the quality of the bank's corporate management, which ensures further development of TBC Bank and will make it more attractive for investors, "the National Bank said in a statement.