TBC Bank Gains $37 Million Investment, Reinforcing Its Position as Uzbekistan's Leading Digital Banking Innovator
TBC Bank Uzbekistan Secures $37M Investment
Source: Crowdfund Insider
Investment Overview
- TBC Bank Uzbekistan (TBC UZ) receives a $37 million equity investment from TBC Bank Group PLC, its majority shareholder.
- This investment elevates TBC UZ's total equity funding for 2024 to $75 million, marking a record for the bank.
User Growth and Impact
- As of September 2024, TBC UZ serves 17 million unique registered users, enhancing its market presence.
- The capital will facilitate the bank's ability to scale and diversify banking solutions for its customer base.
Leadership Insights
- Vakhtang Butskhrikidze, CEO of TBC Group, underscores confidence in Uzbekistan's high-growth market.
- Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, highlights record equity funding as proof of transformative progress.
Financial Performance
- TBC UZ's loan portfolio grew by 99% year-on-year, reaching $460 million within the first nine months of 2024.
- The bank achieved profitability two years post-launch, reporting a net profit of $27 million for the same period.
Product Innovations
- New products include the Salom debit card, Osmon Card, and a fully digital banking service, TBC Business, aimed at SMEs.
- Investment in technology such as AI-powered agents enhances customer service and operational efficiency.
Future Prospects
- The funding empowers TBC UZ to drive innovation and deliver advanced banking solutions, paving the way for continued growth through 2025.
