TBC Bank Turn Profitable in Uzbekistan in 2023
TBC Bank will become a profitable company in Uzbekistan in the third year of its entrance into the country. The bank’s managers have discussed the key financial indicators with Forbes Uzbekistan.
As noted by Sandro Rtveladze, the coronavirus pandemic forecasts have not changed. Losses in the first year will be 6-8 million USD, while the second year is expected to neutralize all losses and the third year will bring real profits, he said. Despite the Coronavirus has affected TBC plans, the number of service centers will be less than announced initially.
Namely, earlier the Bank planned to open 20 service centers, but now the three service centers will open in Tashkent in 2020 and the bank will activate operation in regions only in 2021.
TBC Group has already invested 12.6 million USD in the capital of the new bank and plans to invest additional 9.4 million USD by the end of 2020. Changes will be made in the structure of the bank’s stakeholders. 51% will be maintained by TBC Bank, while the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and Uzbek-Oman Investment Company will enter the Bank as new stakeholders.