TBC Group Creates TBC Digital With EBRD, IFC to Streamline Uzbekistan Operations

London-listed TBC Bank Group announces the creation of TBC Digital, a management company, to consolidate the Group’s businesses operating in Uzbekistan under one umbrella.

TBC Digital represents a streamlined legal structure for TBC Uzbekistan, a leading digital banking ecosystem in Central Asia, set to support its continued profitable growth. TBC Bank Group will own approximately 79.7% of TBC Digital and each of EBRD and IFC will own approximately 10.15%. 

TBC Digital, incorporated in Uzbekistan, will manage the Group’s businesses operating within the TBC Uzbekistan ecosystem. This includes TBC Bank Uzbekistan (“TBC UZ”), the country’s largest digital bank, and Payme, a digital payments app for individuals and small businesses. TBC Bank Uzbekistan and Payme will be 100% owned by TBC Digital.

This move will unlock additional synergies within our ecosystem, further enhance governance and create more value for our shareholders as we continue to grow profitably. TBC Digital will also feature a new Board of Directors, composed of global fintech and investment community leaders, whose appointments will be announced soon. 

Vakhtang Butskhrikidze, CEO of TBC Bank Group, commented: “We are grateful to our partners at EBRD and IFC for their unwavering commitment to the success of TBC Uzbekistan, our fast-growing digital banking ecosystem. They are an integral part of our story in Central Asia’s most populous nation, where TBC is driving the expansion of digital banking in the region and has achieved remarkable results since operations commenced nearly 6 years ago. The establishment of TBC Digital as our new holding company will unlock additional synergies, enhance governance and create more value for our shareholders. It will further support TBC’s fast and sustainable growth in the country, driven by our stellar team led by Nika Kurdiani as CEO of TBC Uzbekistan.”

The creation of TBC Digital replaces the previous joint venture agreement between TBC PLC, IFC and EBRD announced on 30 September 2021 in relation to TBC PLC’s wholly owned Uzbek subsidiary, TBC Bank (“TBC UZ”). 

The new arrangements for TBC Digital will come into effect after completion of the applicable registration requirements, which is expected within the next three months.