TBC Bank Group PLC said it has raised $200 million through a synthetic bond to accelerate the growth of its Uzbekistan operations, tapping investor appetite for exposure to Central Asia’s largest consumer market.
The three-year bond, denominated in Uzbek sum but settled in U.S. dollars, carries a 22% coupon and will be issued in tranches, the London-listed lender said.
An initial $140 million tranche has been placed, with the remaining $60 million expected to be issued over the next 12 to 18 months. The notes are listed on the Vienna Multilateral Trading Facility.
Proceeds will fund the expansion of TBC Uzbekistan’s digital ecosystem, which includes the country’s largest mobile-only bank, digital payments platform Payme, and Payme Nasiya, an installment credit service.
The ecosystem reported 19.7 million registered users and accounted for 21% of total group revenue in the first quarter of 2025.
The unit doubled its loan book and revenue in the first quarter from a year earlier, and the fresh capital will support new offerings, particularly in SME lending and banking services, TBC said.
“We are pleased to announce this bond issuance, unlocking further investment into our fast-growing Uzbekistan business,” said TBC PLC CEO Vakhtang Butskhrikidze.
The move comes as TBC intensifies investments into infrastructure, product development, and talent acquisition to consolidate its market-leading position in the fast-growing Uzbek digital banking sector.
TBC Bank Group, which is also the parent of Georgia’s largest financial services provider, is listed on the London Stock Exchange under the ticker TBCG and is a constituent of the FTSE 250 Index.
Business News Asia