The National Bank of Georgia welcomes the decision of TBC on its plans to restructure its Supervisory Board whereby the founding shareholders will not be represented.

The National Bank released this statement:

“NBG welcomes this decision. 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.”