The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) plan to acquire up to 20% each in TBC Bank Uzbekistan (TBC UZ), a subsidiary of TBC Bank Group.
The investments are aimed at strengthening digital finance in Uzbekistan and, thereby, increasing financial inclusion in the country.
The first installment is set to amount to $9.4 million for each of the two investors with the intention to support further capital increases during 2022-2024.
Founded in October 2020, TBC UZ is the first digital bank in Uzbekistan. Today, it operates through two new-generation smart branches and 34 “customer contact points” in 12 cities of the country.
The bank provides innovative financial products to more than 630,000 registered retail users.
“This is the first equity investment in the banking sector of Uzbekistan since the resumption of EBRD cooperation with the country in 2017. We welcome competition and expect that it will benefit everyone,” said Alkis Drakinos, Head of the EBRD Representative Office of Uzbekistan. (Uzreport/Business World Magazine)