Business
TBC Bank acquires leading Uzbek payment platform
TBC Bank acquires leading Uzbek payment platform.
About this update from Tbc Bank Group Plc
[{"type":"text","content":"\n \nRNS Number : 7827V TBC Bank Group PLC 10 April 2019 \n\nTBC Bank acquires leading Uzbek payment platform Payme\nTBC Bank Group PLC (\"TBC Bank\" or the \"Bank\") announces that it has entered into an agreement to acquire a 51% stake in LLC Inspired, a leading payment platform in Uzbekistan trading under the Payme brand (\"Payme\").\n \nPayme is a leading payment service provider in Uzbekistan that supplies high-quality payment solutions to its 1.3 million customers. It facilitates utility payments, P2P transfers, loan repayments, mPOS for QR-based payments and ecommerce purchases. It also provides a marketplace platform for loans from certain Uzbek banks. Payme has grown rapidly in recent years, increasing its number of clients by around 70% during 2018, while its revenue and net income grew by 41.9% and 24.5% respectively year-on-year. At the end of 2018, the gross assets of Payme stood at USD 0.7 million, while total revenue and profit before tax for the full year 2018 amounted to USD 1.6 million and USD 0.8 million respectively, based on Payme's unaudited management accounts. \nPayme was founded in 2011 and continues to be managed by the three original founding shareholders. In addition, the team was strengthened by two new shareholders: one acting as Business Development and Research Director and the other as the Chief Technology Officer.\nThe shareholders who sold part of their shares to TBC Bank are:\n· Ro'zmatov Sarvar Nasrullayevich, Managing Owner;\n· Xodjayev Baxrom Ravshanovich, Managing Owner; \n· Ziyayev Farrux Golibsherovich, Managing Owner; \n· Abdul-Axadov Abdul-Aziz Abdul-Majidovich, Business Development and Research Director;\n· Geverges Oleg Olegovich, Chief Technology Officer.\n \nThe management team will remain with Payme on a long-term basis and will continue to be actively involved in the development and execution of Payme's strategy.\n \nThe transaction is in line with TBC Bank's international strategy to expand its regional operations and marks an important milestone in building the Bank's capacity in the highly promising Uzbekistani market. Uzbekistan is a very attractive market with a population of 32 million that is growin...