Fitch Ratings Initiates
Coverage of TBC Bank Uzbekistan with a BB- Rating
TBC Bank Group PLC is pleased to announce that Fitch Ratings has
published a Long-Term Issuer Default Rating (IDR) of 'BB-' with a
Stable Outlook for its subsidiary, TBC Bank Uzbekistan, which is in
line with the Uzbekistan sovereign rating.
Nika
Kurdiani, CEO of TBC Group operations in Uzbekistan,
said: "This is a historic milestone
for TBC Bank Uzbekistan, underscoring our outstanding results.
Fitch's rating is a testament to our profitable growth, strong
balance sheet, and dedication to building a best-in-class fintech
ecosystem. We are one of few companies to achieve a credit rating
of BB- in Uzbekistan, which is the same level as the current
sovereign rating."
Oliver Hughes, Head of International Business at TBC Group,
added: "TBC Bank Uzbekistan achieved
profitability just two years after launch-a record time-to-profit
among global digital banks. We are scaling our digital banking
business and launching a wide range of digital financial services
to improve the lives of the people of Uzbekistan. Operating a
fully-licensed, consumer lending-led, and deposit-funded business
model, we are committed to delivering further growth and long-term
value for our shareholders."
For
further enquiries, please contact:
Director of Investor
Relations
Andrew Keeley
Or
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
About TBC Bank Group PLC ("TBC PLC")
TBC Bank Group PLC ("TBC PLC") is a
public limited company registered
in England and Wales. TBC PLC is the parent company
of JSC TBC Bank ("TBC Bank") and a group of companies that
principally operate in Georgia in the financial sector.
TBC PLC also offers non-financial services via TNET, the largest
digital ecosystem in Georgia. Since 2019, TBC PLC has expanded
its operations into Uzbekistan by operating fast growing
retail digital financial services in the country. TBC PLC is listed
on the London Stock Exchange under the symbol TBCG and is a
constituent of the FTSE 250 Index. It is also a member of the
FTSE4Good Index Series and the MSCI United Kingdom Small Cap
Index.
TBC Bank, together with its
subsidiaries, is a leading universal banking group in Georgia, with
a total market share of 39.1% of customer loans and 39.5% of
customer deposits as of 31 March 2024, according to data published
by the National Bank of Georgia on the analytical tool
Tableau.
