TBC Bank Uzbekistan Announces Its Debut Bond Issue Denominated in Uzbek Soums

Tashkent – 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.