TBC Bank Group has announced that Fitch Ratings has initiated coverage of its subsidiary, TBC Bank Uzbekistan, with a Long-Term Issuer Default Rating (IDR) of ‘BB-’ and a Stable Outlook.
Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, emphasized the importance of this achievement:
“This is a historic milestone for TBC Bank Uzbekistan, underscoring our outstanding results. Fitch's rating is a testament to our profitable growth, strong balance sheet, and dedication to building a best-in-class fintech ecosystem. We are one of few companies to achieve a credit rating of BB- in Uzbekistan, which is the same level as the current sovereign rating.”
Oliver Hughes, Head of International Business at TBC Group, noted the remarkable speed at which TBC Bank Uzbekistan has achieved profitability:
“TBC Bank Uzbekistan achieved profitability just two years after launch—a record time-to-profit among global digital banks. We are scaling our digital banking business and launching a wide range of digital financial services to improve the lives of the people of Uzbekistan. Operating a fully-licensed, consumer lending-led, and deposit-funded business model, we are committed to delivering further growth and long-term value for our shareholders.”
TBC Bank Group is a public limited company based in England and Wales. As the parent company of TBC Bank and its subsidiaries, primarily operates within Georgia's financial sector. Additionally, TBC offers a range of non-financial services through TNET, Georgia's largest digital ecosystem. Since 2019, the company has extended its operations into Uzbekistan, focusing on the rapidly growing market for retail digital financial services. TBC is listed on the London Stock Exchange under the ticker symbol TBCG and is included in the FTSE 250 Index. It is also part of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.
TBC Bank, along with its subsidiaries, is a prominent universal banking group in Georgia, holding a market share of 39.1% in customer loans and 39.5% in customer deposits as of March 31, 2024, according to data from the National Bank of Georgia available on Tableau.
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