IMD Business School Publishes Case on TBC Group’s Rise to Regional Financial Services Powerhouse

London, United Kingdom: TBC Bank Group, which operates leading financial services and digital banking ecosystems in Georgia and Uzbekistan and is listed on the London Stock Exchange, announces that the International Institute for Management Development (IMD), a renowned international business school, has published a case study of how TBC evolved to become a regional financial services powerhouse.

The case study, entitled ‘TBC Group: Future-Proofing a History of Success,’ examines TBC’s impressive rise and will be used by IMD as teaching material, providing a key template of how to successfully scale a tech-enabled financial services business across emerging markets. The study outlines how the Group charted a path to become the leading financial services player in Georgia, before embarking on its international expansion and quickly establishing a strong retail banking presence in Uzbekistan and becoming Central Asia’s leading digital banking ecosystem.

IMD also details TBC’s international expansion strategy, which is central to driving further growth of the Group. Having achieved a dominant market position in Georgia, TBC explored opportunities to leverage its expertise and bring best-in-class digital financial services to more populous, high-growth and underserved emerging markets. Uzbekistan was chosen as the first market for overseas expansion, with the Group entering the country in 2019, where it has since built and continues to scale the region’s leading digital banking ecosystem. TBC Uzbekistan, which consists of three high-growth fintech businesses, reached profitability just 2 years after launch – a record time for global digital banks. It now boasts 18.4 million unique registered users (nearly half of Uzbekistan’s population), is doubling its loan book year on year and delivered $41 million in net profit for FY 2024. TBC Uzbekistan is already a material contributor to TBC Group’s results, and its share is set to rise further.

Vakhtang Butskhrikidze, CEO of TBC Bank Group, commented:

 “We are thrilled that IMD have taken a keen interest in TBC and that they have produced this comprehensive study of our journey from a local bank in Georgia to an international digital banking powerhouse. It is a privilege for us to play a role in putting businesses in Georgia and Uzbekistan, both often-overlooked markets, on the global agenda. As our journey continues, we remain committed to our strategy of seeking out new opportunities for growth, while delivering sustainable profitable returns for our shareholders. Through TBC’s London Stock Exchange listing, we offer the global community a chance to invest in our story, which I hope inspires IMD participants. Meanwhile, we will continue shaping TBC’s future, including by starting to explore a new and exciting market.”