TBC Bank has received a license from the Central Bank of Uzbekistan to launch operations in the country starting June 2020.
The strategy of the bank is to develop a modern banking ecosystem for retail business as well as micro, small and medium size businesses.
At the first stage, TBC will offer opening and saving accounts, salary backed and car loans, cards, mobile application and transactions including peer-to-peer (P2P) transactions, money transfers and utility payments.
For its Uzbek venture the TBC Bank has already invested $12.6 million and will invest an additional $9.4 million by the end of the year. Another $20 million is expected to be financed by TBC international financial institutions and the bank’s local partner Uzbek-Oman Investment Company.
TBC Bank remains the largest shareholder of TBC in Uzbekistan with a 51 per cent shareholding.
The population of the Uzbek market is 33 million.