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.”
