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2008.
It said the regulator claimed that these transactions, which the regulator believed were related to the chairman and deputy chairman of TBC, did not comply with relevant Georgian law concerning conflicts of interest.
TBC Bank JSC added that these transactions took place before its 2014 initial public offering and were already subject to a National Bank of Georgia inspection in 2008, which did not result in any action being taken at that time.
It was "unclear" if further sanctions would be imposed, TBC Bank JSC said, noting TBC had already challenged the fine in the Georgian courts and an injunction suspending the fine's payment had been issued.
The POG was also investigating the 2007 and 2008 transactions and TBC Bank's subsidiary, while denying the allegations, planned to "vigorously defend its position".
"It is not currently expected that these matters will result in any material consequences for the group," TBC Bank JSC said.
TBC Bank, together with its subsidiaries, says it is the leading universal banking group in Georgia, with a total market share of 38.4% of loans and 40.3% of non-banking deposits as of 30 September 2018, according to data published by the National Bank of Georgia.
8.1.5 SMEs finance
EBRD assists SMEs in Georgia under Trade Ready programme
The European Bank for Reconstruction and Development (EBRD) on October 16 announced it has launched its trade support initiative Trade Ready in Georgia to help the country’s small and medium sized enterprises (SMEs) win their way to improving their competitiveness and succeed on international markets.
The EBRD is thus boosting the support it already extends to the country's SME entrepreneurs, while other international financial institutions also work in the same direction.
The initiative offers trade finance training and trade-related business advice for SMEs, networking opportunities with local banks, as well as policy dialogue to facilitate improvements in the regulatory environment. The support initiative is already operational in Serbia and will be implemented gradually in other EBRD countries.
Trade Ready will extend the outreach of the EBRD’s pioneering Trade Facilitation Programme (TFP) and dedicated business advice through the Bank’s Small Business Initiative.
While banks can expect to attract new clients with the introduction of new trade finance products, businesses will benefit from better access to finance and the chance to expand to international markets.
Earlier in March this year, the EBRD and the European Union extended their support to SMEs in Georgia, Moldova and Ukraine, with a total of almost
32 GEORGIA Country Report March 2019 www.intellinews.com