TBC Bank Group PLC (“TBC PLC”) has officially announced the placement of a synthetic three-year bond to support the ongoing expansion of its Uzbek subsidiary, TBC Uzbekistan. Denominated in Uzbek sum and settled in U.S. dollars, the bond carries a 22% annual coupon and will be issued in multiple tranches. The initial tranche will raise $140 million, while the remaining $60 million is expected to be issued over the next 12 to 18 months.
The bond, listed on the Vienna Multilateral Trading Facility (MTF), has garnered strong demand from investors—highlighting continued confidence in TBC Group’s long-term strategy and a growing appetite for investments in Uzbekistan, Central Asia’s most populous country and one of the region’s fastest-growing economies.
The funds raised will further fuel TBC Uzbekistan’s rapid development and help broaden the ecosystem’s range of digital financial services. The company is poised to expand into new, high-potential segments, including SME banking and lending, while continuing to enhance its existing market-leading offerings. In the first quarter of 2025, TBC Uzbekistan doubled both its loan book and revenue year-on-year, now contributing 21% of TBC Group’s total revenue. The fresh funding will enable the Group to scale faster, with a focus on business development, infrastructure, and talent acquisition.
With over 19.7 million registered users, TBC Uzbekistan leads Central Asia’s digital financial landscape. Its ecosystem comprises three fast-growing fintech platforms: TBC UZ, the largest digital bank in the country; Payme, a popular payments app for individuals and small businesses; and Payme Nasiya (Payme Instalments), an increasingly influential player in the buy-now-pay-later segment.
Commenting on the announcement, Vakhtang Butskhrikidze, CEO of TBC PLC, said:
“We are pleased to announce this bond issuance, unlocking further investment into our fast-growing Uzbekistan business. The strong demand for the notes underscores investor continued confidence in our profitable growth strategy and in the vast opportunities Uzbekistan presents. It also showcases synergies within the publicly listed Group, which help accelerate our continued progress and momentum in Uzbekistan. I’m confident that TBC Uzbekistan will continue to grow profitably and make an increasingly significant contribution to the Group’s performance, as the ecosystem remains fully on track to meet its targets for the year.”
Oliver Hughes, Head of International Business at TBC PLC, added:
“We have been growing rapidly in Uzbekistan, reaching 19.7 million registered users and doubling our revenue and loan book year-on-year in Q1 2025. With strong profitability underpinning our operations, TBC Uzbekistan is focused on expanding its product range and leveraging new synergies to drive customer engagement and revenue growth. This new funding will allow us to accelerate our efforts in this direction, including by bringing best-in-class products for SMEs to the market and maintaining our leading position in Uzbekistan’s digital banking sector.”
