- TBC Bank Group said it was been fined by Georgian regulators with regards to transactions that took place in 2007 and 2008.

The National Bank of Georgia alleged that the transactions between the bank and other entities were not in technical compliance with laws related to conflicts of interest.

TBC Bank said it had been fined about GEL 1m 'at this stage' and that it was unclear whether any more penalties would be levied.

'TBC Bank has already challenged this fine in the courts in Georgia and the court has issued an injunction suspending payment of the fine,' the company said.

'TBC Bank refutes the allegations relating to these historic transactions and intends to vigorously defend its position.'

The company said the transactions were already the subject of an inspection by the same regulator in 2008, which did not result in any action being taken at that time.

It noted that the Georgian Office of Public Prosecution had also launched an investigation into the same matter.

The National Bank of Georgia was of the opinion the transactions related to the company's chairman and deputy chairman, TBC Bank said.

'It is not currently expected that these matters will result in any material consequences for the group,' it added.

At 1:01pm: [LON:TBCG] TBC Bank Group Plc share price was -25p at 1463p

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