TBC Bank Group announces new management company in Uzbekistan, Spot.uz reported.
TBC Bank Group PLC has reached an agreement with the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) to consolidate its Uzbekistan-based businesses under a new company — TBC Digital. The newly registered entity in Uzbekistan will oversee all operations within the TBC Uzbekistan ecosystem. Nika Kurdiani has been appointed as CEO.
In September 2021, EBRD and IFC each acquired a 20% stake in TBC Bank Uzbekistan, while TBC Group held 60%. They signed a shareholder agreement outlining board responsibilities and included mutual call and put options.
According to the new agreement, TBC Digital will become the sole owner of both TBC Bank Uzbekistan and Payme. Ownership will be distributed as follows:
TBC PLC — 79.7%
EBRD — 10.15%
IFC — 10.15%
The previous governance structure will be dissolved, and a new one established. New shareholder and option agreements have also been signed.
Under these terms, EBRD and IFC may sell their stakes to TBC PLC after five years. If issuing shares is not feasible, the buyout will be settled in cash. After eight years, TBC PLC will gain the right to purchase the remaining stakes in full.
TBC Bank Group CEO Vakhtang Butskhrikidze stated that forming TBC Digital will unlock new synergies, improve governance standards, and create greater value for shareholders.
The agreement is expected to take effect within the next three months after all registration procedures are completed.
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