EBRD and International Finance to acquire a 40% stake in TBC Bank UZ for $34.3m.

EBRD, an international financial institution, and International Finance, international financial institution that offers investment, advisory, and asset-management services, agreed to acquire a 40% stake in TBC Bank UZ, an Uzbekistan subsidiary of a Georgian bank TBC, for $34.3m. "We have a long history of successful cooperation with IFC and EBRD, which have firmly stood by our side for two decades. I am extremely grateful to EBRD and IFC for embarking on this exciting next stage of our journey with us. This joint venture arrangement marks another important milestone for our Uzbek expansion, allowing us to accelerate our growth in the country and offer a wide range of innovative and affordable products to the Uzbek population. TBC UZ successfully operates based on our innovative fintech platform Space, which offers retail banking solutions through the mobile app," Vakhtang Butskhrikidze, TBC Bank CEO.