Update on Executive Remuneration for 2020

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Update on Executive Remuneration for 2020

On 3 April 2020, TBC Bank Group Plc ("TBC PLC") confirmed the measures that have been implemented so far that have allowed the bank to alter its day-to-day operations in order to adapt to the current unprecedented operating environment, while maintaining the health, safety and well-being of our staff and customers as the number one priority.

TBC PLC is continuing to focus on optimising our cost structure, re-arranging many processes and prioritising expenses. As part of this, and in recognition of the current extraordinary circumstances, the Executive Directors of TBC Bank Group PLC and Top Management of JSC TBC Bank have volunteered to waive all their rights to potential bonuses and long-term incentive plan grants for 2020, which usually represents the majority of total compensation. 

The Board continues to closely monitor the impact of COVID-19 on the Group, recognising that circumstances continue to change rapidly and that further measures may be necessary.

For further enquiries, please contact: 
Director of International Media and Investor Relations
Zoltan Szalai

Or

Head of Investor Relations

Anna Romelashvili

[email protected]

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 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 39.5% of loans and 39.0% of non-banking deposits as of 31 December 2019, according to data published by the National Bank of Georgia.

LEI number: 213800T6NS9N2WQ3B328

This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of TBC PLC is Zoltan Szalai.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This communication contains both historical and forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements may be identified by the use of terms such as 'may,' 'intends,' 'plan,' 'will,' 'should,' 'potential,' 'reasonably possible' or 'anticipates' or the negative thereof or similar expressions, or by discussions of strategy. These forward-looking statements include statements relating to the impact of the COVID-19 outbreak on the global markets generally and on TBC Bank Group PLC and its subsidiaries (together, the 'TBC Bank Group') in particular. TBC Bank Group PLC has based the forward-looking statements on current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about us. TBC Bank Group PLC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur. Investors are cautioned not to place undue reliance on any forward-looking statements, which speak only as of their dates.