TBC Launches Consumer Finance in Uzbekistan
TBC Bank Group PLC has today announced that it has launched a point-of-sale consumer financing trial in Uzbekistan. The Bank is offering customers financing for the purchase of consumer products primarily in the electronics and furniture markets. TBC Bank plans to expand its point-of-sale network to 15 locations by the end of January, with a target of up to 50 locations by the end of 2020.
This initiative is in line with TBC Bank’s international strategy to expand in the region and marks an important milestone in building the Bank’s presence in Uzbekistan. The Uzbek market is highly attractive, with a population of 33 million that is growing at around 2.0% per year, increasing market liberalization and a retail loans to GDP ratio of only 6.0% at the end of 2018.
Vakhtang Butskhrikidze, Chief Executive Officer of TBC Bank, commented:
“The launch of consumer finance products in Uzbekistan is another important step in TBC Bank’s expansion plans in the country and follows our acquisition of the country’s leading payment company, Payme, earlier in the year. Both initiatives are integral parts of our digitally-led growth strategy and will provide us with valuable information about the market prior to the launch of our full banking operations.”
About TBC Bank Group PLC (“TBC PLC”)
TBC PLC is a public limited company registered in England and Wales that was incorporated in February 2016. TBC PLC became the parent company of JSC TBC Bank ("TBC Bank") on 10 August 2016. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of FTSE 250 Index.
TBC Bank, together with its subsidiaries, is the leading universal banking group in Georgia, with a total market share of 38.7% of loans and 39.3% of non-banking deposits as at 30 September 2019, according to data published by the National Bank of Georgia.
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