An equity investment of up to US$ 26.6 million (€ 19 million) equivalent in UZS with the first commitment of US$ 9.4 million (€ 6.9 million) to purchase up to 20 per cent stake in TBC Bank Uzbekistan, a joint stock commercial bank incorporated in Uzbekistan, alongside the IFC. TBC Bank Uzbekistan is the subsidiary of TBC Bank Group PLC, a UK-incorporated parent company of JSC TBC Bank Georgia which is the largest banking group in Georgia.
The investment will provide capital to support expansion of operations of a newly established, foreign private bank in Uzbekistan. TBC Bank Uzbekistan is the first next generation bank on the market offering impactful products and services to the currently underserved segments of retail, micro and small enterprises operating in the country.
ETI score: 90
Well-governed: The investment represents a critical element of the EBRD's strategic policy engagement in the banking sector that is aimed at reducing the role of the state and supporting entry of foreign strategic investors. IFIs will support in setting standards in corporate governance as well as help developing environmental and social management systems.
Competitive: The investment centres on supporting foreign strategic investor's expansion plans. TBC Bank Uzbekistan will offer innovative digital products and services to the underserved segments of retail, micro and small enterprises operating in Uzbekistan.
TBC BANK UZBEKISTAN
EBRD Finance Summary
Total Project Cost
Additionaloity sources include (i) risk mitigation as trusted relationship with the EBRD gives sufficient comfort to TBC Bank Group PLC to expand to new markets, (ii) sector change to be triggered by demonstration through success of the flagship project and (iii) standard setting as TBC Bank Uzbekistan makes use of the EBRD expertise in corporate governance improvements, including for climate risk management.
Environmental and Social Summary
Categorised FI (ESP 2019). TBC Uzbekistan is a new bank and will be required to comply with EBRD's PRs 2, 4 and 9. TBC Bank Group PLC is a long standing client of the EBRD and has put in place policies and procedures to ensure compliance with, not only EBRD's environmental and social requirements, but also the equivalent requirements of the IFC, the ADB and FMO. TBC Bank has a comprehensive environmental and social management system (ESMS) in place, which was updated in May 2019. This ESMS has been reviewed on a number of occasions by the EBRD and found to be fully compliant with the EBRD requirements. TBC Bank Uzbekistan will likewise have both the EBRD and the IFC as investors and as such will be bound by both the EBRD's and the IFC's E&S requirements. Key requirements will comprise ensuring that adequate staffing capacity is in place for management of E&S issues, development of an ESMS that meets both the EBRD and the IFC standards, having a system in place for referral of projects to the EBRD, and provision of annual E&S reporting.
Company Contact Information
+998 78 777 27 27
Avenue Amit Temur, 118/1 Tashkent, Uzbekistan
PSD last updated
26 Oct 2021
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