TBC Bank Considers IPO for Its Digital Business in Uzbekistan

Tashkent, Uzbekistan (UzDaily.com) — London-based TBC Bank Group PLC is exploring the possibility of a separate initial public offering for its digital division TBC Uzbekistan. The news emerged on 24 February at the company's strategy day in New York, Reuters reports.

TBC Bank Group CEO Vakhtang Butskhrikidze stated: "We constantly review strategic options for this business given its growth targets. This could include organic and inorganic growth, and potentially an IPO of the Uzbekistan business."

TBC Bank has been actively operating in Uzbekistan since 2019, when it obtained a banking license in the country, which is the region's second largest economy after Kazakhstan. Last week, TBC Uzbekistan published its 2025 financial results, reporting revenue of US$252 million s — up 65% on 2024 — and a net profit of US$46 million.

Loan issuances grew 51% to US$946 million, deposits rose 46% to US$549 million, and payment volumes increased 63% to reach US$9.2 billion. The Payme payment app, together with TBC Bank, accounts for approximately 20% of all national transactions.

The bank's digital ecosystem has 23 million registered users — up 25% on 2024 — including 6 million monthly active users.

Independent research shows that TBC Bank is the most recognized banking brand in Tashkent and third most recognized nationwide, while Payme ranks first in the capital and second across Uzbekistan as a whole.