TBC Bank Uzbekistan Announces Its Debut Bond Issue Denominated in Uzbek Soums
TBC Bank Uzbekistan, the country’s largest digital bank and part of London-listed TBC Bank Group PLC, is pleased to announce the placement of its debut one-year bond denominated in Uzbek soums.
This is the first ever local-currency bond issued in Uzbekistan by a digital bank. The 40
billion soum bond ($3.11 million), yielding 24%, marks a significant milestone. Proceeds from
the debt issuance will support TBC’s expansion in the fast-growing market of Uzbekistan,
Central Asia’s most populous nation, where TBC has been growing its digital banking
business since 2020.
The country’s financial market has been quickly developing in recent years, since
Uzbekistan issued its first sovereign Eurobond in 2019. That initial offering paved the way for
extensive further issuance, including both dollar and soum-denominated issues from
sovereign and corporates, which have attracted an increasing number of international
investors, underscoring the continued development of Uzbekistan’s financial markets.
The debut local-currency bond issuance marks another important milestone for TBC
Uzbekistan – which includes TBC Bank Uzbekistan, Payme and Payme Nasiya – reaching
17 million customers in Uzbekistan. The debut bond aligns with TBC Bank Uzbekistan’s
continued efforts to diversify its sources of funding, while allowing the country’s largest digital
bank to also play an important role in attracting local and foreign investment to the country’s
capital markets.
Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, commented:
“We are pleased to announce our debut bond issuance denominated in Uzbek soums, a
transaction carried out with the support of TBC Capital, while Tat Reestr acted as our broker
on the local market. This bond issuance marks a significant milestone not only for TBC
Uzbekistan but also for the broader financial market in Uzbekistan. It represents our
commitment to supporting the region’s economic growth and providing new opportunities for
investors interested in Central Asia. As we continue to diversify our funding sources and
strengthen our presence in Uzbekistan, we look forward to further contributing to the
development of the country’s financial market.”
TBC Uzbekistan is at the forefront of the digital banking revolution in Central Asia, leveraging
cutting-edge technology to shape the future of financial services. Built on a purpose-
designed proprietary tech stack, TBC Uzbekistan delivers 100% of its services through
digital channels and comprises three high-growth fintech businesses—TBC Bank
Uzbekistan, Payme, and Payme Instalments.
This bond issue follows a series of recent funding milestones for TBC Uzbekistan,
underscoring the company’s strong growth trajectory. Total wholesale funds secured earlier
this year by TBC Bank Uzbekistan reached $105 mln, including: a $40 mln loan from FMO
(Dutch entrepreneurial development bank), credit lines from Swiss impact investor
responsAbility Investments AG totalling $20 mln, $25 million debt financing from
BlueOrchard, a $10 million loan from EBRD and a $10 mln loan from Global Gender-Smart
Fund (GGSF) via Triple Jump.