Georgian bank to enter Uzbek market in summer

Finance Materials 22 April 2020 15:44 (UTC +04:00)
Georgian bank to enter Uzbek market in summer

BAKU, Azerbaijan, Apr. 22

By Ilkin Seyfaddini – Trend:

Georgian TBC Bank is preparing to start operating in the Uzbek market as early as June 2020, Trend reports with reference to the press service of the bank.

Earlier, TBC Bank obtained a license, which allows the bank to operate in Uzbekistan.

"The strategy is to create a new generation banking system for retail customers, as well as for micro, small and medium businesses with an emphasis on digital and partner channels," the report said.

The bank operations in Uzbekistan will be managed by Sandro Rtveladze, who previously held senior positions at Bayport Financial Services and Liberty Bank in Georgia.

After the launch, the bank will offer several services including current and savings accounts, cash loans, loans against salary and car loans, as well as plastic cards, mobile applications and P2P transfers including payments.

Payme payment service, which also belongs to TBC PLC, will continue to work separately from the bank, but in close cooperation with it. The company noted that there are already two million registered users in the service database.

TBC PLC has already invested $12.6 million in the share capital of the bank and plans to invest another $9.4 million. Additional capital increase is planned for the end of 2020.

European Bank for Reconstruction and Development, International Finance Corporation and Uzbek-Oman Investment Company are named as potential shareholders, while TBC PLC will maintain its 51 percent controlling stake.

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.

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.


Follow author on Twitter: @seyfaddini