TBC will establish a new management company in Uzbekistan

TBC Bank Group announced the establishment of a new management company in Uzbekistan, according to Spot.uz.

TBC Bank Group PLC has reached an agreement with the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC). According to this agreement, all businesses in Uzbekistan will be consolidated under a single management called TBC Digital. The company is registered in Uzbekistan and will manage projects in the TBC Uzbekistan ecosystem. Nika Kurdiani will be appointed as its CEO.

In September 2021, EBRD and IFC purchased 20 percent of TBC Bank Uzbekistan's shares, while TBC Group held a 60 percent stake. Based on this, the parties had signed a shareholder agreement for mutual cooperation. EBRD and IFC had the right to sell their shares to TBC, while TBC had the right to repurchase them.

According to the new agreements, TBC Digital will become the sole owner of TBC Bank Uzbekistan and Payme. The shares will be distributed as follows:

TBC PLC — 79.7%
EBRD — 10.15%
IFC — 10.15%

The previous management structure will be replaced with a new one. New shareholder and option agreements will also be signed.

According to the terms, EBRD and IFC can sell their shares to TBC PLC after five years. If there is no possibility of issuing new shares, the payment will be made in cash. After eight years, TBC PLC will also have the right to fully acquire the partners' shares.

Vahtang Butskhrikidze, CEO of TBC Bank Group, emphasized that the establishment of the new management company, TBC Digital, will expand synergy opportunities, improve management standards, and create value for shareholders.

The new agreements will come into effect within the next three months after all legal registration processes are completed.