TBC Bank launches operations in Uzbekistan

TBC Bank Group announced on Monday that it has launched its banking operations in Uzbekistan, initially in a pilot mode for "friends and family", with plans to extend its services to the broader population in August.

The FTSE 250 company said that, in line with its “asset-light and highly digitalised” strategy, it would be serving customers primarily through its online platform ‘Space’, while its branches would be used mainly for client relationship purposes.

It said the first pilot branch had already opened.

In the current year, TBC said it would be targeting retail customers with a number of products, including current and savings accounts, cash loans and salary-backed loans, cards, mobile banking, money transfers and transactional capabilities, point-of-sale consumer finance.

“The launch of banking operations in Uzbekistan is a very significant step in TBC’s international expansion and is an integral part of our digitally-led growth strategy,” said chief executive officer Vakhtang Butskhrikidze.

“We are excited and full of enthusiasm to make our contribution towards the development of the banking sector in Uzbekistan and to offer cutting-edge banking solutions to the Uzbek population.”

At 0821 BST, shares in TBC Bank were up 0.67% at 902p.