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NEWS

TBC Uzbekistan Equity

www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home
30 October 2020

Project Number:

41848

Country:

Uzbekistan

Environmental Category:

FI-2

Department:

Regional Industry - FIG - ECA

Sector:

Commercial Banking - SME Finance

Company Name:

TBC UZBEKISTAN

Region:

Europe and Central Asia

Status:

Pending Approval

Industry:

Financial Institutions

Date SPI Disclosed:

Oct 30, 2020

Projected Board Date:

Nov 30, 2020

Last Updated Date:

 

Project Description

The project entails IFC’s equity investment in Uzbekistan to support TBC Bank Group PLC, (TBC or the Sponsor) in developing a newly formed bank (TBC UZ) that will focus on lending to underserved, fast growing retail customers, micro, small and medium enterprises (MSMEs). It will be a next-generation banking ecosystem with a strong emphasis on digital offering, using high quality contemporary banking practices transposed from the Sponsor’s Georgian operations. In the growing Uzbek market, it will operate by using the latest technology of digital and partnership-driven channels, automation, modern branch network, and lean operational practices. The Sponsor invested initial capital and TBC UZ received the full banking license in April 2020. IFC will invest up to US$10 million for a minority stake of c.20% alongside the Sponsor, EBRD and Uzbek Oman Investment Company LLC. Any further equity investments by IFC remain subject to IFC’s full discretion.

Read more here.