TBC Bank Group PLC TBC obtains banking licence in Uzbekistan (3157K)
21 Aprile 2020 - 8:41AM
UK Regulatory
TIDMTBCG
RNS Number : 3157K
TBC Bank Group PLC
21 April 2020
TBC obtains banking licence in Uzbekistan
TBC Bank Group PLC ("TBC PLC") is pleased to announce that its
subsidiary, TBC Bank (the 'Bank') in Uzbekistan, has obtained its
banking licence and is planning to launch banking operations in
June 2020.
TBC PLC's strategy is to establish a greenfield, next-generation
banking ecosystem for retail and MSME customers in Uzbekistan with
a primary focus on digital and partnership-driven channels. Given
the current operating environment and impact from Covid-19, we have
further optimised our business model with the enhanced emphasis on
asset-light and cost-efficient operations.
The range of products offered by the Bank at launch will
include:
o Current and savings accounts;
o Cash loans, salary backed loans and car loans; and
o Cards, mobile application and transactional capabilities
including (but not limited to) P2P transactions, money transfers
and utility payments.
In addition, the Bank will also run the point-of-sale consumer
finance operation. TBC PLC's Uzbek payments subsidiary, Payme,
which already reached 2 million registered customers by March 2020,
will continue to operate separately from the Bank but the two
entities will co-operate closely.
The Bank will be run by an experienced management board headed
by Chief Executive Officer Sandro Rtveladze, who previously held
the role of Group Head of Retail Banking at Bayport Financial
Services and prior to that was Deputy CEO at Liberty Bank in
Georgia.
TBC PLC has already invested USD 12.6 million into the charter
capital of the Bank and expects to invest an additional USD 9.4
million by the end of 2020. Additional capital increase is planned
for later this year. Potential new shareholders, including the
European Bank for Reconstruction and Development, the International
Finance Corporation and the Uzbek-Oman Investment Company, have
expressed their interest to participate subject to their internal
approvals. TBC PLC will remain the majority shareholder with 51%
interest.
Vakhtang Butskhrikidze, Chief Executive Officer of TBC PLC,
commented: "I am delighted that we have obtained the licence to
start our banking operations in Uzbekistan. I would also like to
thank the Uzbek authorities for their support and cooperation. This
is the beginning of a new chapter in our group's history and opens
up significant new opportunities for our future development in the
region. We are excited to embark on this new journey and, over
time, deliver good results for the benefit of all our
stakeholders."
Sandro Rtveladze, Chief Executive Officer of TBC Bank in
Uzbekistan, commented: "I am extremely pleased to join TBC's highly
experienced team in Uzbekistan and also express my gratitude for
all the support we have received from the Central Bank of
Uzbekistan to enable the launch of our operations within the
planned timeline. Our asset-light and relatively low-cost base
business model, as well as our long-term commitment to Uzbekistan
sets us on the right path to achieve our aspirations. "
For further enquiries, please contact:
Director of International Media and Investor Relations
Zoltan Szalai
Or
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
About TBC Bank Group PLC ("TBC PLC")
TBC PLC is a public limited company registered in England and
Wales that was incorporated in February 2016. TBC PLC became the
parent company of JSC TBC Bank ("TBC Bank") on 10 August 2016. TBC
PLC is listed on the London Stock Exchange under the symbol TBCG
and is a constituent of the FTSE 250 Index.
TBC Bank, together with its subsidiaries, is the leading
universal banking group in Georgia, with a total market share of
39.5% of loans and 39.0% of non-banking deposits as at 31 December
2019, according to data published by the National Bank of
Georgia.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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April 21, 2020 02:41 ET (06:41 GMT)
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