Tashkent, Uzbekistan (UzDaily.com) — TBC Bank Group, operator of Georgia’s leading financial services ecosystem and the largest digital bank in Uzbekistan, has announced a US$200 million bond issuance to fast-track the development of TBC Uzbekistan. The Group is listed on the London Stock Exchange.

The synthetic bonds are denominated in Uzbek soums, settled in US dollars, and carry a 22% coupon rate. The placement will be carried out in multiple tranches, with the initial US$140 million already issued and the remaining US$60 million expected within 12–18 months. The bonds are listed on the Vienna MTF platform (Austria). Strong investor demand underscores confidence in TBC’s strategy and Uzbekistan’s appeal as the most populous and rapidly growing market in Central Asia.

The funds raised will support product expansion, infrastructure development, and financing for small and medium-sized enterprises (SMEs). In Q1 2025, TBC Uzbekistan doubled both its loan portfolio and revenue year-on-year, contributing 21% to the Group’s total revenue.

Vakhtang Butskhrikidze, CEO of TBC Bank Group, stated: “The strong demand for our bonds reflects investor confidence in our profitable growth strategy and the potential of the Uzbek market. We are confident that TBC Uzbekistan will continue to strengthen its contribution to the Group’s results and achieve its 2025 targets.”

Oliver Hughes, Head of International Business at TBC Bank Group, added: “TBC Uzbekistan is growing rapidly, with 19.7 million registered users. Our strong profitability enables us to launch new SME products, deepen synergies within our ecosystem, and maintain our leadership in Uzbekistan’s digital banking sector.”