BAKU, Azerbaijan, Oct. 5
By Fakhri Vakilov – Trend:
European Bank for Reconstruction and Development (EBRD) supports the expansion of TBC Bank Uzbekistan, the first digital bank in the country, a representative of EBRD told Trend.
“Being a development bank, we have a broader view on each equity deal rather than a simplistic return on investment (ROI) approach. We take care of competitiveness, inclusion, good governance, environmental impact etc. We measure the effectiveness of our investments against these principles, as well as whether they have achieved an attractive financial return. In this particular case we support the expansion of the first digital bank in Uzbekistan,” the representative noted.
According to him, the investments will support the continued operational growth of a newly established private market player and promote international standards of corporate governance in the sector.
“They will help increase the share of private sector in the country’s banking industry dominated by the state-owned banks,” the representative added.
The EBRD plans to acquire shares of up to 20 percent in TBC Bank.
The first payment will be in amount of $9.4 million with the intention to support capital increases during 2022-2024.
TBC is a digital bank that started operating in Uzbekistan 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.
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