TBC Bank Uzbekistan to hold fourth round of recapitalisation

By Muzaffar Ismailov in Tashkent October 16, 2023

TBC Bank Uzbekistan is preparing to issue additional share capital. An extraordinary meeting of shareholders held on October 10 approved the move. The securities will be distributed among three shareholders — parent banking group TBC Bank Georgia, the European Bank for Reconstruction and Development (EBRD) and the World Bank's International Finance Corporation (IFC).

The bank will place 251,714,359 shares with a par value of UZS 1,000. Of these, 60.2% will be received by the parent credit institution, and another 19.9% will be received by the international lenders.

The securities will be placed at the nominal price of UZS 1,149. Thus, total additional capitalisation will amount to UZS 289.28bn ($23.67mn).

The EBRD and IFC announced their purchases of shares in TBC Bank Uzbekistan in autumn 2021. Both entities acquired 20% of the bank's shares, paying $9.4mn.

August last year saw the second round of recapitalisation in which the international shareholders allocated $7mn to the bank, and the parent bank $21.1mn.

The third round took place in April this year. Investors provided TBC Uzbekistan with a total of $28.1mn.

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