TBC Mobile Bank Secures $38.2 Million To Expand In Uzbekistan

Uzbekistan’s sole mobile-focused bank, TBC Bank Uzbekistan, owned by TBC Bank Group listed on the London Stock Exchange, has secured $38.2 million in a recent equity investment. The bank aims to expand its local operations in the country.

BC Bank Group spearheaded the latest financing for TBC Bank Uzbekistan by contributing $23 million. Shareholders, the World Bank’s International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), each added $7.6 million to the round.

The Bank Seeks To Expand Consumer Loan Distribution And Financing Options

This announcement comes after earlier investments totaling $130 million. This new funding is meant to help TBC UZ keep up its fast-paced consumer loan issuance and launch new products, especially for small and micro companies.

A few months ago, TBC received a $10 million credit from responsAbility, an impact investor, to support eco-friendly projects.

BB’s Long-Term Issuer Default Rating (IDR) was assigned to TBC Bank Uzbekistan by Fitch Ratings. This shows that the bank has robust financial conditions and stable operations.

In addition to owning the mobile-only bank, TBC Group Uzbekistan also possesses Payme, a virtual payments app for people and small enterprises, and Payme Nasiya, a Sharia-compliant credit business. To expand its reach, it plans to incorporate some aspects of these two businesses into the bank or align them with the bank’s operations.

The Chief Executive Officer of TBC Bank Group PLC, Vakhtang Butskhrikidze, commented on the financing. He said this investment shows the team has strong confidence in TBC UZ’s strategic plan, ongoing profitable growth, and excellent operations. He added that the company is dedicated to supporting TBC UZ as it keeps leading the virtual banking change in Central Asia.

The Investment Will Accelerate TBC UZ’s Digital Financial System Development

The investment will allow TBC UZ to speed up the development of its leading digital financial system in Uzbekistan. This comprises introducing new products, sustaining its active loan portfolio growth, and launching exciting AI-driven features to ensure the firm provides excellent customer service.

Butskhrikidze added that the funding will allow the firm to utilize the numerous opportunities in Uzbekistan, a fast-developing nation with over 37 million citizens. He further noted that TBC UZ will continue to leverage the country’s growth momentum.

The Head of Uzbekistan at EBRD, Andi Aranitasi, noted that supporting inclusion and digitalization are two of the main strategic goals of EBRD in all the countries it operates in. He added that the ongoing investment in TBC UZ shows the team is committed to promoting digital change and financial inclusion in Uzbekistan’s banking sector.