The Association of Banks of Georgia made an announcement with regard to the recent developments involving TBC bank, which BM.ge offers unedited below: “Georgian banking sector is distinguished for its stability and represents the guarantee for the country’s economic development. High level of transparency of the financial sector, positive reviews by the international ranking companies, and activities by the international institutions/investors in the sector prove its high level of credibility.
Incorrect interpretation of the recent developments around TBC bank and speculations by the public could seriously hamper correct perception of the real information and can create false expectations related to the process. The banking sector is constantly under the supervision and monitoring of the local regulatory organs, international auditors, ranking companies and investors, which ensures both TBC bank’s and the sector’s stability and sustainability as a whole.
The Association of banks of Georgia will always protect the interests of its members and will not tolerate targeted false accusations against one of the leading financial institutions, which can potentially damage both the reputation of a specific bank and the banking system as a whole, which, in turn will have a negative impact on the country’s development” – states the announcement
Author : Telara Gelantia
