EBRD, IFC to acquire stakes in Uzbek TBC Bank

Finance Materials 30 September 2021 20:16 (UTC +04:00)
EBRD, IFC to acquire stakes in Uzbek TBC Bank

BAKU, Azerbaijan, Sept. 30

By Fakhri Vakilov – Trend:

The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) intend to purchase shares in TBC Bank Uzbekistan, a subsidiary of the Georgian TBC Bank Group, registered on the London Stock Exchange, Trend reports referring to the EBRD.

The signing of the agreement took place at the Economic Forum of Uzbekistan-2021 currently being held in Tashkent.

EBRD and IFC plan to acquire shares of up to 20 percent each in TBC Bank to promote the expansion of private sector participation in the banking sector of Uzbekistan. The investment is expected to boost TBC Bank’s operations in the Uzbek market and promote international corporate governance standards in the sector.

The first payment will be in amount of $9.4 million for each of the two investors with the intention to support capital increases during 2022-2024.

TBC is a digital bank that started operating in October 2020. Currently, it operates through two smart branches and 34 points of contact with customers in 12 cities of the country.

The bank provides innovative financial products to over 630,000 registered retail users. In the near future, it is planned to expand the small business segment.


Follow author on Twitter:@vakilovfaxri