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TBCG - TBC Bank News Story

989p -25.0  -2.5%

Last Trade - 11:16am

Sector
Financials
Size
Mid Cap
Market Cap £559.3m
Enterprise Value £1.40bn
Revenue £312.8m
Position in Universe 504th / 1807

BRIEF-TBC Bank Says Unit Under Inspection By National Bank Of Georgia

Wed 9th January, 2019 7:53am
Jan 9 (Reuters) - TBC Bank Group PLC  TBCG.L :
    * INSPECTION REPORT RELATING TO PAST MATTERS
    * INSPECTION ALLEGES THAT TRANSACTIONS BETWEEN TBC BANK AND
CERTAIN ENTITIES WERE NOT IN TECHNICAL COMPLIANCE WITH RELEVANT
GEORGIAN LAW
    * CONFIRMS UNIT TBC BANK JSC IS SUBJECT TO AN INSPECTION BY
NATIONAL BANK OF GEORGIA ON TO CERTAIN TRANSACTIONS THAT TOOK
PLACE IN 2007-2008
    * NBG HAS ISSUED A FINE OF ABOUT GEL 1 M AND, AT THIS STAGE,
IT IS
UNCLEAR WHETHER NBG WILL SEEK TO IMPOSE ADDITIONAL SANCTIONS
    * HAS ALREADY CHALLENGED THIS FINE IN COURTS IN GEORGIA AND
COURT
HAS ISSUED AN INJUNCTION SUSPENDING PAYMENT OF FINE
    * GEORGIAN OFFICE OF PUBLIC PROSECUTION HAS ALSO LAUNCHED AN
INVESTIGATION INTO SAME MATTER
    * TBC BANK REFUTES ALLEGATIONS RELATING TO THESE HISTORIC
TRANSACTIONS AND INTENDS TO VIGOROUSLY DEFEND ITS POSITION
    * NOT CURRENTLY EXPECTED THAT MATTERS WILL RESULT IN ANY
MATERIAL
CONSEQUENCES FOR GROUP

Source text for Eikon:  ID:nRSI6006Ma 
Further company coverage:  TBCG.L 

 ((Reuters.Briefs@thomsonreuters.com;))
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