18th Dec 2019 15:24
(Alliance News) - Georgian lender TBC Bank Group PLC said Wednesday it has started point-of-sale financing in Uzbekistan.
TBC said it will offer customers financing for purchase of consumer products, primarily in the electronics and furniture markets.
The lender plans to expand its point-of-sale network to 15 locations by the end of January, with a target of up to 50 locations by the end of 2020.
TBC said the move is in line with its international strategy to expand its regional offering.
"The Uzbek market is highly attractive, with a population of 33 million that is growing at around 2.0% per year, increasing market liberalization and a retail loans to GDP ratio of only 6.0% at the end of 2018," the lender added.
Chief Executive Vakhtang Butskhrikidze said: "The launch of consumer finance products in Uzbekistan is another important step in TBC Bank's expansion plans in the country and follows our acquisition of the country's leading payment company, Payme, earlier in the year. Both initiatives are integral parts of our digitally-led growth strategy and will provide us with valuable information about the market prior to the launch of our full banking operations."
Shares in TBC Bank were up 0.2% in London on Wednesday at 1,306.00 pence each.
By Paul McGowan; [email protected]
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