TBC Obtained a Banking License in Uzbekistan

The Central Bank of Uzbekistan has granted a banking license to TBC Bank Group PLC.

TBC Bank obtained a preliminary license in January. During this time, the company had to meet the requirements for the activities of the Uzbek regulator.

With the acquisition of the license, TBC Bank became the second foreign bank in Uzbekistan to enter the country's market after the reforms in Uzbekistan. The first foreign bank in Uzbekistan is Tenge Bank, it appeared on the market in May 2019.

TBC reported that after obtaining the license, it would start operating in Tashkent and then in the regions. By the end of the year, about 20 branches are planned to open.

At the first stage, TBC plans to invest 20-30 million dollars.

The bank will not be focused on the corporate segment, focusing on retail, as well as micro, small and medium enterprises.