TBC Bank Group PLC TBC Plans to Launch its Neobank "Space" in Germany
12 Marzo 2020 - 08:24AM
RNS Non-Regulatory
TIDMTBCG
TBC Bank Group PLC
12 March 2020
TBC Plans to Launch its Neobank "Space" in Germany
TBC Bank Group PLC ("TBC PLC") announces that it has decided to
further extend the internationalization strategy of its neobanking
platform Space and launch it in Germany in order to leverage the
country's startup-friendly environment and the growing Georgian
diaspora.
Space will be partnering with a local bank and our value
proposition will include daily banking products and services as
well as lending, remittances, international utility payments and
multilingual customer care service. While Space will own the
relationship with the customers, the local partner will provide the
balance sheet for lending activities and ensure fulfilment of all
regulatory requirements. Space will be mainly focusing on Georgian
citizens living in Germany.
The launch is anticipated to take place in the second half of
2020 and will be using the Georgia-based Space team and
infrastructure to scale up. The total cost of the launch is
estimated to be around GEL 4 million in 2020.
After the successful launch of this model on the German market,
Space will be exploring opportunities in other European markets
with a significant Georgian migrant population, also leveraging
TBC's initiative in Uzbekistan.
Space is Georgia's first fully-digital bank, which offers a full
range of daily banking products and services, including:
-- Instant consumer loans;
-- Mobile top-up and bill payment;
-- Instant money transfer to any bank;
-- Digital wallet functionality;
-- Savings; and
-- Cash back.
The beta launch phase of Space in Georgia finished in October
2018. As of 31 December 2019 it attracted 181,000 customers, while
its loan book amounted to GEL 27 million.
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 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.
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END
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