Tashkent, Uzbekistan (UzDaily.com) – TBC Uzbekistan, a subsidiary of the TBC PLC bank group, has obtained a banking license and plans to start banking operations in early June 2020.

TBC PLC Group has invested 12.6 million US dollars in the authorized capital of the bank and plans to contribute an additional 9.4 million US dollars by the end of 2020.

An additional increase in capital is planned for the end of this year. Potential new shareholders, including the European Bank for Reconstruction and Development, the International Finance Corporation and the Uzbek-Omani investment company, have expressed their interest in participating, subject to their internal approval. TBC PLC will remain a majority shareholder with a 51% interest.

The TBC PLC strategy is to create a new generation banking ecosystem for individuals, micro, small and medium enterprises in Uzbekistan with a focus on digital and partnership channels. Given the current operating environment and the impact of Covid-19, the bank optimized its business model: special attention was paid to facilitating assets and cost-effective operations, including reducing the planned number of physical branches.

The range of banking products offered by the bank at this stage includes:

- current and savings accounts;

- loans in cash, loans secured by salaries and car loans;

- cards, mobile application and operational capabilities, including but not limited to P2P transactions, money transfers and utility bills.

TBC Uzbekistan plans to transfer financial operations to customer service points, and Payme subsidiary will continue to operate separately from the bank. At the same time, the cooperation of both companies will remain close.

The bank will be managed by an experienced management team headed by CEO Sandro Rtveladze (subject to approval by the regulatory authorities). Previously, he served as the head of the retail banking services group at Bayport Financial Services, and before that was deputy general manager at Liberty Bank, Georgia.

Mr. Vakhtang Butskhirikidze, CEO of TBC PLC, commented: “I am extremely glad that the tireless efforts that we have made in the past year have been rewarded and we have received a license for banking operations in Uzbekistan. I want to thank the Uzbek authorities for their support and cooperation. This is the beginning of a new chapter in the history of the group, which will open up significant opportunities for further development in this region. We are excited about the beginning of a new path and are inspired and will strive to achieve outstanding results for the benefit of all interested parties.”

Mr. Sandro Rtveladze, a candidate for the position of CEO of TBC Uzbekistan, said: “I am extremely pleased to join the experienced TBC team in Uzbekistan. I also express my gratitude for the support that we received from the Central Bank of Uzbekistan. She allowed us to start activities on schedule. The business model of lightweight assets and relatively low costs along with long-term liabilities in Uzbekistan take us on the right track to achieve common goals.”