TBC Bank Uzbekistan (TBC UZ), Uzbekistan's mobile-only bank and a player in Central Asia's digital banking, has secured a $38.2mn equity investment from shareholders. Led by London-listed TBC Bank Group PLC, this investment highlights commitment to TBC UZ's growth and operational success.
The parent company, TBC Bank Group PLC, is contributing $23mn, with additional investments of $7.6mn each from the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), part of the World Bank Group.
This infusion of capital marks the largest tranche to date for TBC UZ, following previous investments totaling $130mn, highlighting the continued support and confidence of its shareholders in the bank's mission and trajectory.
The funding will help TBC UZ continue issuing consumer loans and expand its range of financial products for micro and small businesses. It will also bolster the bank's financial stability, support digital transformation efforts, and enhance customer experiences with advanced AI capabilities.
Vakhtang Butskhrikidze, CEO of TBC Bank Group PLC, expressed his confidence in TBC UZ's strategic vision.
"This investment underscores our belief in TBC UZ’s leadership in the digital banking revolution in Central Asia. It will accelerate the development of our market-leading digital financial ecosystem in Uzbekistan, enhancing our ability to meet the evolving needs of our growing customer base,” Vakhtang Butskhrikidze voiced.
Andi Aranitasi, Head of Uzbekistan at EBRD, highlighted the institution's commitment to fostering financial inclusion and digitalization, stating;
"Our investment in TBC UZ reflects our strategic priorities of supporting sustainable economic development through innovative financial solutions."
Neil McKain, IFC's Uzbekistan Country Manager, emphasized that TBC UZ's growth and innovation play a crucial role in fostering economic growth and financial inclusion in Uzbekistan.
Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, highlighted that this investment stresses TBC UZ's critical role in advancing Uzbekistan's digital financial ecosystem. With increased capital, the bank aims to accelerate growth, introduce new products, and strengthen its position as the region's premier digital banking platform.
Since its inception, TBC UZ has achieved profitability within two years, setting a global benchmark among digital banks. The bank boasts a registered user base of 15mn and recorded a net profit of $23mn in 2023.
TBC Bank Group PLC, headquartered in England and Wales, is the parent company of TBC Bank and has been expanding its presence in Uzbekistan since 2019. It is listed on the London Stock Exchange under the symbol TBCG and is known for its advanced digital platform, TNET, which is a leader in Georgia's financial sector.
TBC Uzbekistan, a subsidiary of TBC Bank Group PLC, leads Central Asia's digital banking sector. It focuses on innovation and customer-centered solutions, offering services like TBC UZ, Payme (a digital payment app), and Payme Nasiya (a rapidly growing installment credit service). The bank's rapid growth and cutting-edge products cater to Uzbekistan's tech-savvy population, promoting financial inclusion and economic growth in the region.
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