TBC is creating a new holding company in Uzbekistan with the participation of EBRD and IFC

TBC Bank announced the creation of TBC Digital, a holding company that will consolidate all its assets in Uzbekistan, including TBC Uzbekistan and the payment app Payme. The capital of the new structure will be shared between the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), each receiving a 10.15% stake, while TBC PLC will retain a controlling 79.7% share.

Negotiations between the parties lasted several years — in 2021, EBRD and IFC already acquired stakes in TBC’s Uzbek branch, but the new restructuring will enable more efficient management. Investors will now be able to sell their stakes to TBC PLC after five years, while the bank will have the option to buy them back eight years after the agreement was signed.

Vakhtang Butskhiridze, CEO of TBC Bank Group
Consolidating the business into a single structure will provide additional synergy and accelerate the development of digital banking in the region. EBRD and IFC have also reaffirmed their interest in further expanding financial services for small and medium-sized businesses, as well as individual entrepreneurs.

TBC Uzbekistan is one of the country’s largest digital banks, offering online loans and branchless banking services since 2019. The payment app Payme is also among Uzbekistan’s leading FinTech platforms. The consolidation of these assets under TBC Digital is expected to strengthen the bank’s market position and accelerate the digital transformation of the country’s financial sector.

Source: TBC Bank