EBRD and IFC to acquire stakes in TBC Bank in Uzbekistan
Promoting foreign investment, innovative digital banking and high standards of corporate governance
The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) are promoting private sector participation in the banking sector in Uzbekistan by acquiring shares in TBC Bank Uzbekistan (TBC UZ), a subsidiary of TBC Bank Group, the largest banking group in Georgia registered on the London stock exchange.
The investments are aimed at strengthening digital finance in Uzbekistan and thereby increasing financial inclusion in the country.
Two institutional investors - EBRD and IFC plan to acquire shares of up to 20 percent each in TBC UZ. The investment will further boost the operating activities of this newly established private player in the market and advance international corporate governance standards in the sector. The first installment will be US $ 9.4 million for each of the two investors with the intention to support further capital increases during 2022-2024.
TBC UZ is the first digital bank in Uzbekistan, which began operations in October 2020, and has grown rapidly since then. Today it operates through seven new generation branches and 34 customer contact points in 12 cities across the country. TBC UZ provides innovative financial products and a first-class service to over 630,000 registered retail users. In the near future, it is planned to expand the small business segment.