TBC Bank Group PLC Changes to Board and Board Roles (6035Q)
March 01 2021 - 1:00AM
UK Regulatory
TIDMTBCG
RNS Number : 6035Q
TBC Bank Group PLC
01 March 2021
Changes to Board and Board Roles
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
Legal Entity Identifier: 213800T6NS9N2WQ3B328
The Board of TBC Bank Group PLC ("TBC PLC") confirms that Nikoloz Enukidze has stepped down
from his roles as Chairman of the Board of TBC PLC and Chairman of the Supervisory Board of
TBC Bank JSC (the "Bank") with immediate effect. Arne Berggren, the current Senior Independent
Director has been appointed as the Chairman of the Board of TBC PLC and Chairman of the Supervisory
Board of the Bank with immediate effect.
Mr. Enukidze continues as a non-executive director of the Board of TBC PLC and a member of
the Supervisory Board of the Bank; however he has confirmed that he does not intend to seek
re-election by the shareholders at the 2021 AGM. As a former Chairman, the Board of TBC PLC
does not consider Mr. Enukidze independent for the purposes of the UK Corporate Governance
Code. Nevertheless, more than half of the Board, excluding the chair, are independent non-executive
directors in compliance with the UK Corporate Governance Code.
Further to his appointment as the Chairman, Arne Berggren has stepped down from the membership
of Audit Committee, the Senior Independent Director role and Chairmanship and membership roles
of the Risk Committee of the Board and the Supervisory Board of the Bank.
Abhijit Akerkar has been appointed as an interim Risk Committee Chair.
Tsira Kemularia has been elected as an interim Senior Independent Director for both the TBC
PLC Board and the Supervisory Board of the Bank.
Nicholas Dominic Haag and Eric J Rajendra have confirmed that they do not intend to seek re-election
by the shareholders at the 2021 AGM. They will continue as non-executive directors of the
Board of TBC PLC and members of the Supervisory Board of the Bank up until the end of that
AGM.
All other directors (Arne Berggren, Maria Luisa Cicognani, Abhijit Akerkar, Tsira Kemularia
and Vakhtang Butskhrikidze) have confirmed their intention to stand for re- election at the
upcoming AGM of the Company.
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
ir@tbcbank.com.ge
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.
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END
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