Posted: 1 year ago

TBC Bank Uzbekistan Attracted an Additional Investment of $35.1 Million

The European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and TBC Bank Group PLC are investing an additional $35.1 million in TBC Bank Uzbekistan.

The total investment of TBC UZ currently amounts to $79.8 million, of which 16.4-16.4 million dollars come from EBRD and IFC, and the rest - is from TBC Bank Group.

TBC received a banking license in Uzbekistan in the spring of 2020. Entering Central Asia is part of the bank's international development strategy. According to the general director of TBC, Vakhtang Butskhrikidze, TBC can offer high-level banking services to the population of Uzbekistan and private businesses.

TBC's strategy is to develop a modern banking ecosystem in Uzbekistan for retail as well as micro, small and medium businesses. Emphasis will be placed on the development of digital channels, in particular Neobank. Uzbekistan's market of 33 million people is growing and attractive.

One of TBC's first steps when entering the Uzbekistan market was the purchase of the PayMe payment system for $5.5 million.

As of July, the TBC UZ app has 2.4 million users nationwide.