TBC Bank Group PLC has issued a $200 million bond to accelerate the growth of TBC Uzbekistan, its rapidly expanding digital banking arm, as the group deepens its footprint in Central Asia’s largest economy.
The synthetic three-year bond, denominated in Uzbek sum and settled in U.S. dollars, carries a 22% coupon and will be issued in tranches.
The first $140 million tranche has been priced, with the remaining $60 million expected to be raised over the next 12 to 18 months. The notes are listed on the Vienna Multilateral Trading Facility.
Proceeds from the issuance will support TBC Uzbekistan’s expansion into high-growth verticals, including SME lending and broader ecosystem development. The funding marks one of the largest private-sector debt placements targeting Uzbekistan’s fintech sector to date.
TBC Uzbekistan, which includes the mobile-only bank TBC UZ, payments platform Payme, and instalment credit service Payme Nasiya, has emerged as a dominant force in the market. As of the first quarter of 2025, the unit doubled both its revenue and loan book year-on-year, contributing 21% of total group revenue.
The digital ecosystem serves 19.7 million registered users, positioning TBC as a leader in a country with a young, increasingly digital-first population and growing demand for consumer and SME financial products.
The group said the fresh capital will fund infrastructure investment, product development, and talent acquisition.
Parent company TBC Bank Group, listed in London under the ticker TBCG, has expanded aggressively outside its home market of Georgia, where it holds a 38% share of customer loans.
The Uzbek business is seen as a key growth engine as the group seeks to capitalize on regional fintech opportunities and scale its digital-only model across emerging markets.
The bond deal underscores rising investor interest in Uzbekistan, a frontier economy undergoing economic liberalization and digital transformation.