Baku, Azerbaijan, April 11
By Fakhri Vakilov – Trend:
Georgian TBC Bank purchased 51 percent of the shares of “Inspired” company, which operates in Uzbekistan under the "Payme" brand, Trend reports via Uzbek media.
Payme is the leading provider of payment services in Uzbekistan and today serves about 1.3 million customers. Georgian side stated that last year alone, the number of Payme customers increased by 70 percent, while revenues and net profit increased by 41.9 percent and 24.5 percent respectively.
"At the end of 2018, Payme's gross assets amounted to $700,000, while total revenue and profit before tax exceeded $ 1.6 million and $800,000, respectively," TBC Bank reported.
The deal amounted to $5.5 million, which implies a total Payme estimate of $ 10.8 million. At the same time, the Georgian bank concluded an agreement on the possible purchase of the remaining 49 percent of the shares.
TBC Bank notes that the amount will be paid before the end of April 2019.
TBC Bank CEO Vakhtang Butskrikidze said that this transaction is another important step for the entry of a financial institution into the market of Uzbekistan.
He added that the bank will get access to a large client base in Uzbekistan. Moreover, Butskhrikidze said that the bank plans to further develop the payment service in the country.
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