Last checked at 25 Jul 2019 07:00
Board Changes
TBC Bank Group PLC ("TBC PLC") confirms that, further to today's announcement by the Georgian office of Public Prosecution, the Chairman and Deputy Chairman have decided to step down from the board of TBC PLC with immediate effect. They have both arrived at this decision after careful consideration in order to ensure that the allegations made against them do not affect the Group and to be able to concentrate on refuting those allegations.
The Board and the Management would like to thank the Chairman and the Deputy Chairman for their vision when they founded the bank in the early 1990's and their invaluable contributions in successfully turning it into one of the largest and most respected companies in the South Caucasus region.
The Chairman and the Deputy Chairman intend to seek to re-join the board of TBC PLC once all the claims made against them have been cleared. The Board has full confidence in the integrity of Mr. Khazaradze and Mr. Japaridze and looks forward to the gentlemen quickly and fully clearing their names of any claims, including alleged money laundering.
The Board has appointed, with immediate effect, Senior Independent Director Nikoloz Enukidze to serve as the Chairman of TBC Bank Group PLC, based on his deep knowledge of the bank, prior Chairmanship roles in banking sector and extensive regional and international experience.
For further enquiries, please contact:
Director of International Media and Investor Relations
Zoltan Szalai
Or
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
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 premium segment of London Stock Exchange under the symbol TBCG and is a constituent of FTSE 250 Index.
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 40.4% of non-banking deposits as at 31 March 2019, according to data published by the National Bank of Georgia.