TBC Bank Group has obtained a preliminary banking licence in Uzbekistan. The company’s strategy is to develop a greenfield banking ecosystem for retail and MSME customers in Uzbekistan. The primary focus will be on digital channels, including the company’s neobank, Space.
As part of the Uzbek venture, the company plans to partner with international financial institutions and a local partner, foreseeing a minimum 51% shareholding.
The company has secured interest from the EBRD and IFC and has reached an agreement on the main terms with the Uzbek-Oman Investment Company to act as its local partner. The total amount of the initial investment from all the shareholders will be US$40m. The company expects to obtain the final licence and start banking operations by the summer of 2020.