History
2024: Raising $38.2 million for the development of fintech
In July 2024, it became known that TBC Bank Uzbekistan, the largest mobile bank in Uzbekistan, attracted investments in the amount of $38.2 million from the European Bank for Reconstruction and Development (EBRD), the International Financial Corporation (IFC), which is part of the World Bank, as well as from its parent company TBC Bank Group PLC. These funds will be used to accelerate growth and develop the fintech sector in the country.
According to UzDaily.uz, the EBRD and IFC provided $7.6 million each, and TBC Bank Group PLC will invest $23 million. According to Vakhtang Butskhrikidze, CEO of TBC Bank Group PLC, the new capital will accelerate the development of the digital ecosystem of financial services in Uzbekistan, including the growth of the loan portfolio, the launch of new products and the introduction of AI-based solutions. "This will reveal the potential of Uzbekistan, a dynamically developing country with a population of more than 37 million people," he stressed.
The head of the EBRD representative office in Uzbekistan, Andi Aranitasi, said that support for digitalization and inclusive initiatives is one of the bank's key priorities, and investments in TBC UZ confirm their readiness to develop inclusive financial services and promote digitalization in the country's banking industry. In turn, the regional head of IFC in Uzbekistan, Neil McCain, praised the results achieved by the bank and its potential in promoting economic growth and financial inclusion.
According to TBC Group Uzbekistan CEO Niki Kurdiani, these investments have become an important stage of development not only for TBC UZ, but for the whole of Uzbekistan. The shareholder investment raises the bank's capital levels, boosts profitable growth and strengthens TBC UZ's position as the leading online banking ecosystem in Central Asia. TBC Uzbekistan became profitable two years after its launch, setting a record among the world's digital banks. At the end of 2023, net profit amounted to $23 million, and the size of the loan and deposit portfolios in the first quarter of 2024 doubled.[1]
Notes
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