Directors’ Intention to Stand for Re-Election

Update on Directors' Intention to Stand for Re-Election

This announcement contains inside information for the purposes of Article 7 of the EU Regulation 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR") and is in accordance with requirements under Article 17 of UK MAR

Further to its announcement of 1 March 2021, the Board of TBC Bank Group PLC ("TBC PLC") announces that Nikoloz Enukidze, Nicholas Dominic Haag and Eric J. Rajendra have withdrawn their previous notices to not stand for re-election and have instead confirmed to the Board that they intend to stand for re-election at the upcoming TBC PLC AGM.  

The other Non-Executive Directors (including the Chair and Senior independent Director) have determined to continue implementing previously-agreed commitments with the National Bank of Georgia ("NBG") regarding an orderly and effective succession plan and nominate members of the Board who will meet the new independence requirements from the NBG, as implemented in the revised NBG Corporate Governance Code. As such, the majority of the Board does not support the re-appointment of Nikoloz Enukidze, Nicholas Dominic Haag and Eric J. Rajendra and expects to recommend that shareholders vote against resolutions in respect of their re-appointment at the upcoming TBC PLC AGM.

The person responsible for arranging the release of this announcement is Zoltan Szalai.

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 Bank Group PLC ("TBC PLC") is a public limited company registered in England and Wales. TBC PLC is the parent company of JSC TBC Bank ("TBC Bank") and a group of companies that principally operate in Georgia in the financial sector and other closely related fields. TBC PLC also recently expanded its operations in Uzbekistan. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.

TBC Bank, together with its subsidiaries, is a leading universal banking group in Georgia, with a total market share of 39.0% of loans and 37.2% of non-banking deposits as of 31 December 2020, according to data published by the National Bank of Georgia.