TBC Bank Uzbekistan, the country’s largest digital bank and part of London-listed TBC Bank Group PLC, is pleased to announce the placement of its debut one-year bond denominated in Uzbek soums.
This is the first ever local-currency bond issued in Uzbekistan by a digital bank. The 40 billion soum bond ($3.11 million), yielding 24%, marks a significant milestone. Proceeds from the debt issuance will support TBC’s expansion in the fast-growing market of Uzbekistan, Central Asia’s most populous nation, where TBC has been growing its digital banking business since 2020.
The country’s financial market has been quickly developing in recent years, since Uzbekistan issued its first sovereign Eurobond in 2019. That initial offering paved the way for extensive further issuance, including both dollar and soum-denominated issues from sovereign and corporates, which have attracted an increasing number of international investors, underscoring the continued development of Uzbekistan’s financial markets.
The debut local-currency bond issuance marks another important milestone for TBC Uzbekistan – which includes TBC Bank Uzbekistan, Payme and Payme Nasiya – reaching 17 million customers in Uzbekistan. The debut bond aligns with TBC Bank Uzbekistan’s continued efforts to diversify its sources of funding, while allowing the country’s largest digital bank to also play an important role in attracting local and foreign investment to the country’s capital markets.
Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, commented:
“We are pleased to announce our debut bond issuance denominated in Uzbek soums, a transaction carried out with the support of TBC Capital, while Tat Reestr acted as our broker on the local market. This bond issuance marks a significant milestone not only for TBC Uzbekistan but also for the broader financial market in Uzbekistan. It represents our commitment to supporting the region’s economic growth and providing new opportunities for investors interested in Central Asia. As we continue to diversify our funding sources and strengthen our presence in Uzbekistan, we look forward to further contributing to the development of the country’s financial market.”
TBC Uzbekistan is at the forefront of the digital banking revolution in Central Asia, leveraging cutting-edge technology to shape the future of financial services. Built on a purpose-designed proprietary tech stack, TBC Uzbekistan delivers 100% of its services through digital channels and comprises three high-growth fintech businesses—TBC Bank Uzbekistan, Payme, and Payme Instalments.
This bond issue follows a series of recent funding milestones for TBC Uzbekistan, underscoring the company’s strong growth trajectory. Total wholesale funds secured earlier this year by TBC Bank Uzbekistan reached $105 mln, including: a $40 mln loan from FMO (Dutch entrepreneurial development bank), credit lines from Swiss impact investor responsAbility Investments AG totalling $20 mln, $25 million debt financing from BlueOrchard, a $10 million loan from EBRD and a $10 mln loan from Global Gender-Smart Fund (GGSF) via Triple Jump.
About TBC Uzbekistan
TBC Uzbekistan is the leading digital banking ecosystem in Central Asia and part of London-listed TBC Bank Group.
TBC Uzbekistan’s success is driven by its purpose-built tech stack, experienced international team and a consumer lending-led product strategy, supported by its first-mover advantage in Central Asia’s largest nation by population. The company continues to expand its innovative, best-in-class product mix, leveraging low retail banking penetration and a rising appetite for modern financial services among the country’s young, growing, and digitally savvy population.
TBC Uzbekistan comprises three high-growth fintech businesses operating in Uzbekistan: TBC UZ, a mobile-only bank; Payme, a digital payments app for individuals and small businesses; and Payme Nasiya (Payme Instalments), a fast-growing instalment credit business.
TBC Uzbekistan reached profitability 2 years after launch – a record time-to-profit among global digital banks, and has since scaled its user base to 17 million unique registered users. In 9M24, the company recorded a net profit of USD 27 million, with its loan and deposit books up 99% and 66% YoY respectively. TBC Bank Uzbekistan is rated ‘BB-’ by Fitch Ratings (equal to Uzbekistan’s country rating) with a Stable Outlook.
About TBC Bank Group PLC (“TBC PLC’’)
TBC Bank Group’s mission is to make people’s lives easier by providing digitally led financial services to retail and corporate customers. TBC Bank Group PLC (“TBC PLC”) is a public limited company registered in England and Wales and is the parent company of TBC Bank Georgia and TBC Uzbekistan.
TBC Georgia, together with its subsidiaries, is the leading financial services group in Georgia, with a total market share of 38.7% of customer loans and 38.4% of customer deposits as of 30 September 2024, according to data published by the National Bank of Georgia.
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.
