BAKU, Azerbaijan, May 8
By Ilkin Seyfaddini – Trend:
Georgian TBC Bank Group assessed its first year in Uzbekistan in its published report for 2019, Trend reports with reference to the press service of the TBC Bank.
In April 2020, it obtained a banking license and confirmed that it plans to start working in June.
During 2019, TBC Bank was carrying out preparatory work while waiting for the license. These included, for example, the creation of the main banking system, a pilot branch in Tashkent and assembling the core team.
"Our strategy is to create a new banking ecosystem of new generation for retail customers and clients of micro, small and medium businesses in Uzbekistan," the report says.
TBC Bank's business model in Uzbekistan provides for customer service through a digital platform. It is also planned to open smart branches for self-service, where consultants will be available.
The bank will offer services on current and savings accounts, loans, cards, mobile applications, transactions and more, the message said.
The company plans to reach break-even results in 2022 and achieve ROE within the range of targets in the medium term.
The bank will be managed by Sandro Rtveladze, who was previously Deputy CEO of Liberty Bank in Georgia.
"We have already invested $12.6 million in the bank's share capital and expect to invest an additional $9.4 million by the end of 2020," the report says.
The additional capital increase is planned for the end of this year. Among potential new shareholders are the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and the Uzbek-Oman Investment Company. TBC PLC will remain a majority shareholder with a 51-percent stake.
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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