The European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC), a member of the World Bank Group, and TBC Bank Group PLC co-invested additional capital of US$ 28.3 million in TBC Bank Uzbekistan (TBC UZ).
The injection of capital stands to further solidify TBC UZ’s position in Uzbek banking industry, to support the bank’s capacity to scale up the operations and to continue providing services to previously underserved customers in Uzbekistan. It will also contribute to further digitalisation of the country’s banking sector.
This capital increase is a part of a multi-year financing plan that follows an investment of US$ 35.1 million in 2022 and US$ 22.5 million in 2021 from shareholders. This time, TBC Bank Group PLC provided $16.9 million, with the EBRD and the IFC each investing $5.6 million respectively.
TBC Bank Uzbekistan is a subsidiary of TBC Bank Group PLC, the holding company of the leading banking group in Georgia. It provides a digital customer experience for retail users and offers online services including money transfers, loans, car loans, deposits, instalments, bank cards and bill payments.
TBC Bank Group is listed on the London Stock Exchange (LSE). It is a holding company of JSC TBC Bank and a group of companies that operate in Georgia in the financial sector and other closely related fields. In 2020, TBC expanded its operations in Uzbekistan, now serving customers through its innovative fintech platform Space and offering retail banking solutions through its mobile app.
IFC is the largest global development institution focused on the private sector in emerging markets which works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries. In 2022, IFC committed a record US$ 32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises.
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents. The Bank is owned by 71 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated.
To date, the EBRD has invested more than €4,1billion in 129 projects in Uzbekistan.
Source : Ebrd