Georgian bank offers its shares in Uzbekistan
BAKU, Azerbaijan, May 28
By Ilkin Seyfaddini - Trend:
Georgian TBC Bank placed 120 million common shares with a par value of 1,000 soum ($11.8 million in total), Trend reports citing Forbes Uzbekistan.
Georgian TBC Bank offers shares in Uzbekistan for the first time.
Given the impact of the pandemic and quarantine, the bank has revised its business model, shifting its focus to lighter assets and cost effective operations.
"Our strategy is to create a new generation banking ecosystem for retail clients and micro, small and medium businesses in Uzbekistan with a focus on digital and partner channels," the bank said.
TBC Bank will start operating in Tashkent in June. Space Digital Bank will be used in Uzbekistan as the main banking platform for customer service.
The main forecasts for the main financial indicators in Uzbekistan remain unchanged despite the pandemic crisis: losses are expected to range from $6 million to $8 million in the first year, break-even in the second year and profit in the third. By the end of 2022, TBC Uzbekistan's loan portfolio is expected to reach $700 million.
Earlier it was reported that by the end of 2020, TBC Uzbekistan will open 20 branches across the country, but due to quarantine measures plans have changed: this year will open three branches in Tashkent, and next year will begin an active expansion in the regions.
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