TBC Bank to pay GEL 1 million requested by National Bank

TBC Bank withdraws all court cases against the National Bank and will pay the GEL 1 million fine imposed by the National Bank, - reads the TBC Bank's statement posted on the National Bank's website.

"Since TBC Bank takes into account the possible damage to the country’s investment image and respects the role of the National Bank, as a qualified regulator, and despite the fact that the decisions of the National Bank was appealed in the court, JSC TBC Bank would like to announce that it will implement a restructuring of its Supervisory Board whereby the founding shareholders will not be represented at the Supervisory Board of JSC TBC Bank. The founding shareholders will maintain their positions as the Chairman and Deputy Chairman of the Board of Directors of TBC Bank Group PLC (a London-based, 100% shareholder of JSC TBC Bank). TBC Bank withdraws all court cases against the National Bank of Georgia and will pay approximately GEL 1 million, which was previously requested by the NBG and disclosed by TBC PLC on 9 January 2019.

In addition, TBC Bank continues to cooperate with the NBG to further improve the quality of the Bank’s corporate governance. In order to prevent any questions from any third party regarding corporate governance, TBC PLC will engage with a reputable international firm to conduct a review of the group's related party transactions, practices and procedures”, reads the statement posted on the website of the National Bank of Georgia.