BAKU, Azerbaijan, Apr. 20
By Ilkin Seyfaddini – Trend:
TBC Bank commercial bank of Georgia has received a license to conduct banking activities in Uzbekistan, Trend reports with reference to the press service of the Central Bank of Uzbekistan.
Plans of Georgian TBC Bank to enter the Uzbek market with its digital non-bank Space became known in January 2019. In April, the bank bought a controlling stake in Payme payment service for $5.5 million.
Space provides clients with a wide range of retail banking services, including lending, savings products and payment cards.
In January 2020, the Committee on Banking Supervision of the Central Bank of Uzbekistan issued a preliminary permission for opening TBC Bank in Tashkent, the message said.
Earlier, the TBC Bank said it plans to begin working in Tashkent and then enter the regions after receiving the license. About 20 branches are expected to open by the end of 2020.
"In the branches of the bank, the emphasis will be on self-service, but there will also be consultants who will help those who need it," the report says.
At the initial stage, Georgian TBC Bank plans to invest $20-30 million.
Georgian TBC Bank was founded in 1992. Online banking from TBC has been awarded as one of the best in Central and Eastern Europe for several years in a row (2012-2015).
In June 2014, the London Stock Exchange invited TBC Bank to participate in trading with its Global Depositary Receipts (GDR).
The Bank received $239 million for its IPO (initial public offering) with a market value of $640 million. This IPO was the largest public offering from Georgia.
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