AKIPRESS.COM - The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) are promoting increased private-sector participation in Uzbekistan’s banking sector by acquiring stakes in TBC Bank Uzbekistan (TBC UZ), a subsidiary of TBC Bank Group, the largest banking group in Georgia and listed on the London Stock Exchange. The investment is aimed at strengthening digital finance in Uzbekistan and thereby boosting financial inclusion in the country.
The two institutional investors – the EBRD and IFC – are planning to acquire stakes of up to 20 per cent each in TBC UZ. The investments will support the continued operational growth of this newly established private market player and promote international standards of corporate governance in the sector. The first subscription will be US$ 9.4 million for each of the two investors, with an intention to support future capital increases over the period 2022-24.
TBC UZ, the first digital bank in Uzbekistan, was launched in October 2020 and has since grown rapidly. Today, it operates through two smart, next-generation branches and 34 “client liaison points” across 12 regional cities. TBC UZ provides innovative financial products and offers a first-class customer experience to more than 630,000 registered retail users. Expansion to the small business segment is envisaged for the near future.