TBC to Purchase the Shares of Uzbek Payme Control Package for $5.5 Million
TBC Bank has received the confirmation about purchasing the leading payment system of Uzbekistan, Payme. The company is serving 1.3 Million people in Uzbekistan. Alone in the last year, the number of its clients increased by 70%, whereas the income has grown by 41.9%.
TBC Bank made a statement about its plans of entering the Uzbek market at the beginning of 2018. The bank strategy is to develop the bank eco-systems within the retail and business services in Uzbekistan. At the given moment, in Uzbekistan, TBC Bank mainly progresses its bank system on a base of the all-digital bank – Space.
The deal is estimated at $5.5 Million with its execution expected by the end of April. However, TBC Bank is also planning to purchase the rest 49% of the Payme share.
“‘Payme’ purchase is one more important step made towards the planned expansion in Uzbekistan. Thanks to this deal, the number of customers will grow to 3.5 Million, which will give us the opportunity to have the direct access to a large number of customers, as well as, with using Georgian digital strengths, to input the innovations on the Uzbek market. With ‘Payme’, we are planning to expand the payment business, and, also, to use ‘Payme’ as the platform for developing the eco-system. I am flattered about the cooperation with the successful team of ‘Payme’ and am anticipating the commence of our collaboration in terms of progressing and implementing the bank strategy in Uzbekistan, in favor of our partners.” – says the CEO of TBC Bank, Vakhtang Butskhrikidze.