London-listed TBC Bank Group PLC (LON: TBCG) is weighing up conducting a separate initial public offering (IPO) for its TBC Uzbekistan digital bank business.

Reuters on February 24 reported from a strategy day in New York City, at which TBC Bank Group CEO Vakhtang Butskhrikidze said: "We constantly review the strategic options for this business as it delivers on its growth ambitions. This could include both organic and inorganic growth, and possibly an IPO of the Uzbekistan business."

TBC has been expanding in Uzbekistan since 2019, the year it gained a banking licence there, Central Asia’s second largest economy behind Kazakhstan.

Last week, TBC Uzbekistan posted 2025 revenues of $252mn, with the figure up 65% y/y. Net profit came in at $46mn. 

Gross loans grew 51% y/y to $946mn, deposits rose 46% to $549mn and payments volume increased 63% to $9.2bn, with TBC and its payments app Payme capturing 20% of national transactions.

The bank’s digital ecosystem reported 23mn registered users, up 25% from 2024, as well as 6mn monthly active users. 

Independent research has ranked TBC Bank as the top-of-mind banking brand in Tashkent and third nationwide, with Payme first in Tashkent and second nationally.