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TBC Uzbekistan, a digital banking provider based in Central Asia and a subsidiary of London-listed TBC Bank Group, has secured a significant equity investment totaling $38.2 million. This investment includes $23 million from TBC Bank Group, and $7.6 million each from the European Bank for Reconstruction and Development (EBRD) and the World Bank’s International Finance Corporation (IFC).
This latest funding round follows previous injections totaling $130 million. The capital infusion is aimed at supporting TBC Uzbekistan’s dynamic consumer loan issuance and driving new product launches, particularly for micro and small businesses, while also diversifying its funding base.
Earlier this year, TBC secured a $10 million credit from impact investor responsAbility to support environmentally sustainable projects. TBC Bank Group holds an MSCI ESG rating of ‘AA’ and received the EBRD’s Annual Sustainability Silver Award for environmental and social best practices in 2023. Additionally, TBC Bank Uzbekistan was assigned a Long-Term Issuer Default Rating (IDR) of BB- by Fitch Ratings, reflecting its strong financial health and operational stability.
TBC Group entered Uzbekistan by acquiring a controlling stake in Payme in 2019. Payme is a digital payments app for individuals and small businesses, and its instalment credit business, Payme Nasiya. TBC UZ, the digital bank, was launched in October 2020 after receiving a full banking license in May 2020.
Vakhtang Butskhrikidze, CEO of TBC Bank Group PLC, stated: “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 capitalize 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 at 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.”
Neil McKain, Country Manager for Uzbekistan at IFC, commented: “TBC UZ’s growth and commitment to innovation make it an important player in the country’s banking sector. We are encouraged with the progress TBC UZ has made so far and remain confident in its potential to contribute to economic growth and financial inclusion in Uzbekistan.”
Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, concluded: “This investment marks another significant milestone not only for TBC UZ but for the entire country as we continue to build our digital financial ecosystem in Uzbekistan. Strengthening our capital position, this funding will enable us to accelerate our profitable growth and solidify our standing as the leading digital banking ecosystem in Central Asia. We are firing on all cylinders, ready to expand our business, and excited to launch new products and services for our fast-growing customer base.”
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