The International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) are promoting increased private-sector participation in Uzbekistan’s banking sector by acquiring stakes in TBC Bank Uzbekistan (TBC UZ), a subsidiary of TBC Bank Group, the largest banking group in Georgia and listed on the London Stock Exchange. The investment is aimed at strengthening digital finance in Uzbekistan, and thereby boosting financial inclusion in the country.
The two institutional investors – IFC and EBRD – are planning to acquire stakes of up to 20 per cent each in TBC UZ. The investments will support the continued operational growth of this newly established private market player and promote international standards of corporate governance in the sector. The first subscription will be US$ 9.4 million for each of the two investors, with an intention to support future capital increases during 2022-2024 years.
