TBC Bank is priced like a Georgian lender, but is executing like a Central Asian digital-finance platform with an embedded Uzbekistan “fintech rerating” option.
Overview
TBC Bank Group is Georgia’s leading financial institution and is rapidly repositioning into a tech-led, regional digital finance ecosystem through its expansion in Uzbekistan. Listed on the LSE (FTSE 250), the group operates a two-speed model: a dominant, highly profitable Georgian universal bank and a fast-scaling, digital-first Uzbekistan platform (TBC Bank Uzbekistan, Payme, TBC Nasiya) supplemented by non-financial ecosystems (TNET in Georgia; BILLZ/OLX initiatives in Uzbekistan). Revenue is diversified but led by net interest income, complemented by fees/commissions and growing ecosystem monetization. Customer scale is significant—~1.8m active customers in Georgia and ~23m registered users in Uzbekistan—supported by a “digital-first” proposition (instant approvals, super-app UX). Management’s “2030 Vision” targets >$1bn net profit and >$20bn loans by decade end, using proprietary AI/automation to expand margins while scaling, positioning TBC as an emerging-markets compounder with potential multiple rerating as Uzbekistan matures.