TBC to Cooperate with 4 Companies in Uzbekistan
Four partners will cooperate with a new commercial bank founded by TBC Bank in Uzbekistan.
As noted by the deputy director general of TBC Bank, TBC will hold a 51% ratio, the EBRD and IFC will hold 20%-20% stakes each, while the Foundation of Uzbekistan and Oman will be represented as a local partner”. TBC has already obtained a preliminary banking license.
TBC plans to develop a modern banking ecosystem in Uzbekistan for retail, micro, small and medium businesses. Accent will be made on digital channels, namely, on development of Neobank. Uzbekistan is a very attractive and growing market with 33 million residents.
TBC Bank started preparations for entering Uzbekistan in 2019, established a pilot branch in Tashkent and created a team that will work for the bank. At this stage, TBC Bank is waiting for obtaining a final license from the National Bank of Uzbekistan and banking operations will start in summer 2020.
At the same time, TBC Bank actively works on developing the taxation system through Payme affiliated company that is a leading company with 1.8 million active clients.