National Bank welcomes TBC Bank’s decision

The National Bank of Georgia welcomes the decision of TBC Bank to withdraws all court cases against the National Bank and pay GEL 1 million as requested by the National Bank, - reads the statement of the National Bank of Georgia.

“The National Bank of Georgia (NBG) welcomes the decision of TBC Bank. This will have a positive effect on the transparency of the Bank and will increase investor confidence, which will ultimately have a positive effect on the development of the Bank and the country’s financial sector.

NBG stresses that TBC Bank is one of the leading financial institutions in the country and in the region and is led by a highly qualified executive management team and independent members of the Supervisory board. TBC Bank is a strong and stable credit institution and fully complies with economic normative requirements and limits set by the National Bank.

Additionally, the NBG would like note that, in this case, its supervisory focus was on the risks associated with matters concerning conflicts of interest and instances of the breaches of the regulation on conflicts of interest related to the 2007-2008 transactions. Within the scope of its mandate, the NBG continues to monitor the implementation of the abovementioned decisions.

With this, from both sides this matter has been closed. We call on all the parties to stop speculations on this topic”, reads the statement posted on the official website of the National Bank of Georgia.