TBC Bank Uzbekistan (TBC UZ) has announced a record $38.2m equity investment from its shareholders to leverage its rapid and profitable growth.
London-listed TBC Bank Group PLC, the parent company of TBC Bank Uzbekistan, is investing $23m, while the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), part of the World Bank, are investing $7.6m each.
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This latest capital infusion will help TBC UZ maintain dynamic consumer loan issuance and invest in new product launches, including for micro and small businesses, while diversifying its funding base. This is the largest tranche to date, following previous injections totalling $130m, highlighting the ongoing commitment of the digital bank’s shareholders and passion for its mission.
TBC Group Uzbekistan operations also include Payme, a digital payments app for individuals and small businesses
Vakhtang Butskhrikidze, CEO of TBC Bank Group PLC, commented: “This significant investment underscores our strong belief in TBC UZ’s strategic vision, operational excellence and continued profitable growth. We are committed to supporting TBC UZ as it continues to lead the digital banking revolution in Central Asia. The funds will enable TBC UZ to expedite building out its market-leading digital financial ecosystem in Uzbekistan. This includes maintaining its dynamic loan portfolio growth, launching new products and introducing exciting AI-enabled capabilities to ensure we deliver the best customer experience. This investment will allow us to further capitalise on the immense opportunities in Uzbekistan, a fast-growing country with a population of over 37 million people where TBC UZ continues to leverage its growth momentum.”
Andi Aranitasi, Head of Uzbekistan, EBRD added: “Supporting digitalisation and inclusion are two of the three core strategic priorities of EBRD across all its countries of operations. Our continued investment in TBC UZ highlights our dedication to fostering financial inclusion and digital transformation in the banking sector in Uzbekistan. TBC UZ’s impressive growth trajectory and innovative approach align with our mission to support sustainable economic development in the region.”
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