CORRECT (Mar 21): TBC Bank Non-Execs Stand Down, Director Sells Shares

23rd Mar 2018 15:23

(Clarifying that the board changes and director dealing were unrelated.)

LONDON (Alliance News) - Georgia-focused TBC Bank Group PLC said Wednesday two non-executive directors will resign later in 2018 amid a board evolution.

TBC said Non-Executive Directors Stefano Marsaglia and Stephan Wilcke will stand down as "part of the evolution of board composition." The process to appoints their successors, TBC added, had already begun.

Marsaglia and Wilcke, however, will remain in post until suitable replacements are found.

In a separate announcement, TBC said Deputy Chief Executive Officer Nino Masurashvili sold GBP183,000 worth of shares in the company in two transaction earlier this week. Masurashvili sold 7,204 shares at 1,830 pence on Monday and 2,796 shares at the same price on Tuesday. In total, she sold 10,000 shares.

TBC International Media & Investor Relations Director Sean Wade explained to Alliance News the two announcements were unrelated. The board changes occurred as the board meetings took place on Wednesday and the share sale "because we are now out of close period post full year and there is a window for insiders to trade in the shares, and it happened to coincide with the board meeting."

Wade added Masurashvili's sale represented only "part" of her total holding in the firm.

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Related Shares:

TBC Bank Group