Business
Fitch Ratings Initiates Coverage of TBC Uzbekistan
Fitch Ratings Initiates Coverage of TBC Uzbekistan.
About this update from Tbc Bank Group Plc
[{"type":"text","content":"\n\nFitch Ratings Initiates Coverage of TBC Bank Uzbekistan with a BB- Rating\n\nTBC 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.\n \nNika 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.\"\n \nOliver 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.\"\n \n \n \nFor further enquiries, please contact:\nDirector of Investor Relations\nAndrew Keeley\n \nOr\n \nHead of Investor Relations\nAnna Romelashvili\[email protected]\n \n \n \n \nAbout TBC Bank Group PLC (\"TBC PLC\")\nTBC 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.\n \nTBC Bank, together with its subsidiaries, is a leading universal banking g...