REG - TBC Bank Group PLC - Fitch Ratings Initiates Coverage of TBC Uzbekistan

TBC BankAnnouncement

06/06/2024 11:30

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RNS Number : 4401R  TBC Bank Group PLC  06 June 2024

Fitch Ratings Initiates Coverage of TBC Bank Uzbekistan with a BB- Rating

TBC Bank Group PLC is pleased to announce that Fitch Ratings has published a
Long-Term Issuer Default Rating (IDR) of 'BB-' with a Stable Outlook for its
subsidiary, TBC Bank Uzbekistan, which is in line with the Uzbekistan
sovereign rating.

 

Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, said: "This is a
historic milestone for TBC Bank Uzbekistan, underscoring our outstanding
results. Fitch's rating is a testament to our profitable growth, strong
balance sheet, and dedication to building a best-in-class fintech ecosystem.
We are one of few companies to achieve a credit rating of BB- in Uzbekistan,
which is the same level as the current sovereign rating."

 

Oliver Hughes, Head of International Business at TBC Group, added: "TBC Bank
Uzbekistan achieved profitability just two years after launch-a record
time-to-profit among global digital banks. We are scaling our digital banking
business and launching a wide range of digital financial services to improve
the lives of the people of Uzbekistan. Operating a fully-licensed, consumer
lending-led, and deposit-funded business model, we are committed to delivering
further growth and long-term value for our shareholders."

 

 

 

For further enquiries, please contact:

Director of Investor Relations

Andrew Keeley

 

Or

 

Head of Investor Relations

Anna Romelashvili

ir@tbcbank.com.ge (mailto:ir@tbcbank.com.ge)

 

 

 

 

About TBC Bank Group PLC ("TBC PLC")

TBC Bank Group PLC ("TBC PLC") is a public limited company registered
in England and Wales. TBC PLC is the parent company of JSC TBC Bank ("TBC
Bank") and a group of companies that principally operate in Georgia in the
financial sector. TBC PLC also offers non-financial services via TNET, the
largest digital ecosystem in Georgia. Since 2019, TBC PLC has expanded its
operations into Uzbekistan by operating fast growing retail digital
financial services in the country. TBC PLC is listed on the London Stock
Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index. It
is also a member of the FTSE4Good Index Series and the MSCI United Kingdom
Small Cap Index.

 

TBC Bank, together with its subsidiaries, is a leading universal banking group
in Georgia, with a total market share of 39.1% of customer loans and 39.5% of
customer deposits as of 31 March 2024, according to data published by the
National Bank of Georgia on the analytical tool Tableau.

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