TBC Bank is planning to enter the Uzbek market. According to Giorgi Shagidze, the financial director of TBC, on-going reforms in Uzbekistan are similar to those already implemented in Georgia. This is an opportunity to share Georgia’s experience with Uzbekistan.
“We have the potential to become the catalyst for Uzbekistan’s banking sector system” – states Shagidze in a conversation with Economy.
Initially, TBC is planning to enter the market with its product ‘Space,’ which represents digital banking. This product was introduced in Georgia last summer, however, according to Shagidze the product offered to Uzbekistan will be different from the one offered in Georgia.
For reference, last year TBC announced its plans to expand into Azerbaijan and also became a 10% share owner of the local bank ‘Nikoil Bank.’ TBC is planning to increase its shares in Nikoil to 50% with the +1% method in order to become the majority shareholder.