Tashkent, Uzbekistan (UzDaily.com) — TBC Bank Group has announced the creation of a new management company in Uzbekistan, according to the bank's press service.

TBC Bank Group PLC has reached an agreement with the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) to consolidate its business in Uzbekistan under a single entity—TBC Digital.

The newly established entity, registered in Uzbekistan, will serve as the management center for TBC Group’s business operations within the TBC Uzbekistan ecosystem. Nika Kurdiani has been appointed as the CEO of TBC Digital.

In September 2021, the EBRD and IFC each acquired a 20% stake in TBC Bank Uzbekistan, with the remaining 60% retained by TBC Group. A shareholder agreement was signed, outlining the roles of the board of directors and shareholders, including options allowing the EBRD and IFC to sell their stakes to TBC Bank or for TBC Bank to repurchase them.

Under the revised partnership structure, TBC Digital will now become the sole owner of TBC Bank Uzbekistan and Payme. The new ownership structure will be as follows: TBC PLC – 79.7%, EBRD – 10.15%, and IFC – 10.15%.

The previous governance framework of TBC Uzbekistan will be dissolved, and a similar governance model will be established for TBC Digital. A new shareholder agreement between TBC PLC, the EBRD, and IFC will maintain standard provisions regulating the board’s and shareholders’ competencies.

Additionally, a new option agreement has been signed, allowing the EBRD and IFC to sell their stakes to TBC PLC five years after the new agreements take effect. The transaction will be settled through the issuance of new TBC PLC shares or, if necessary, in cash. After eight years, TBC PLC will have the right to buy out its partners’ shares in TBC Digital for cash.

TBC Bank Group CEO Vakhtang Butskhrikidze stated: "We are grateful to our partners at the EBRD and IFC for their continued support of TBC Uzbekistan, our rapidly growing digital banking business.

They have been instrumental in our journey in the most populous country of Central Asia, where TBC has been actively promoting digital banking and has achieved outstanding results since launching operations nearly six years ago.

The establishment of TBC Digital as our new holding company will create additional synergies, enhance governance, and increase value for our shareholders. This step will also ensure further rapid and sustainable growth for TBC in Uzbekistan, led by our outstanding team under the leadership of Nika Kurdiani, CEO of TBC Uzbekistan."

Francis Malige, EBRD Managing Director for Financial Institutions, commented: "We are excited to embark on a new phase of collaboration with our longstanding partners—TBC PLC and IFC. The creation of TBC Digital will consolidate all operations in Uzbekistan, streamline management, and enable a unified digital-first strategy.

TBC recently introduced the country’s first fully digital banking services tailored for small and medium enterprises. Enhanced access to financing through user-friendly digital tools and seamless registration processes plays a key role in building a dynamic and inclusive financial ecosystem for SMEs in Uzbekistan.

TBC Uzbekistan has established itself as a transformative player, demonstrating the viability of digital banking in a reforming economy. Its success highlights the importance of customer-centric innovation and serves as a catalyst for modernizing the entire banking sector. The bank’s experience proves that flexibility and digital adaptation are crucial to success in emerging markets."

Momina Ayazuddin, Regional Head of Financial Institutions at IFC, noted: "IFC is committed to promoting digital financial inclusion and sustainable economic growth in Uzbekistan.

By consolidating TBC Uzbekistan’s operations under TBC Digital, we leverage digital services to expand access to finance for individuals, as well as small, medium, and micro-businesses across the country.

We are confident that this step will strengthen TBC’s ability to provide innovative financial solutions and contribute further to Uzbekistan’s economic development."

The new agreements are expected to take effect within the next three months, following the completion of regulatory procedures.