IFC will invest up to US$10 million in Uzbekistan to support TBC Bank.
The project entails IFC’s equity investment in Uzbekistan to assist 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.