TBC Bank Group (LON:TBCG) used its 2026 Strategy Day to outline growth priorities in Georgia and Uzbekistan, reiterate medium-term financial targets, and highlight the role of its digital ecosystem in expanding customer engagement and product breadth across both markets.
Management’s strategic message and group targets
Group CEO Vakhtang Butskhrikidze said the company offers what he described as a “rare mix” of strong growth, high profitability, and shareholder returns, pointing to a decade-long track record that included 17% compound annual growth in earnings in U.S. dollars and an average 23% return on equity. He also said digital monthly active users have increased sixfold in recent years to more than 7 million, and that the group returned $735 million to shareholders over the past five years. Butskhrikidze added that total shareholder return averaged 36% per year in dollars over that period.
- Loan book growth of at least 15% per year
- Annual return on equity of 23% or higher
- Payout of 25%–45% of earnings through dividends and buybacks over the next three years, including a minimum 25% dividend payout ratio and a progressive dividend policy
For a longer-term view through 2030, Butskhrikidze said the group aims to double in size, targeting $1 billion in net profit, a loan book of more than $20 billion, and 12 million digital monthly active users. He also said Uzbekistan is expected to become a “material” earnings contributor by 2030, accounting for 25% of group profits.
Georgia: defending leadership while pursuing mass retail growth
Butskhrikidze described Georgia as an attractive banking market, citing an outlook of 5% real GDP growth over the next five years and highlighting the country’s role as a trade and tourism hub. He said the Georgian franchise is targeting sustained 23% return on equity and 10%–15% annual growth in loans and profitability, while aiming to become the “top choice and dominant bank across all segments.”
Incoming TBC Georgia CEO George Tkhelidze, who has led corporate and investment banking (CIB) at TBC and previously served as chief risk officer, said the bank has averaged 26% return on equity over the past five years and grown loans and deposits at mid-teens rates. He cited 37% market share across loans and deposits and said TBC is the number one player in leasing and insurance in Georgia.
In CIB, Tkhelidze said the bank works with 93 of the top 100 companies in Georgia and that 70% of clients have relationships longer than five years. He described CIB as contributing “up to 50%” of profits in recent years and said corporate lending has grown at an 18% CAGR over five years. He also cited sector activity, including financing 71% of Georgia’s energy generation supply additions and 66% of road infrastructure financing over the past three years.
Tkhelidze also highlighted growth ambitions in wealth management and asset management, noting 26% CAGR over four years in wealth management and that the asset management business had more than doubled its assets under management. He said securities represent about 10% of total investments in Georgia versus 40% in the EU, which he characterized as a long runway for growth. In debt capital markets, he said TBC holds 54% market share in underwriting and issuance of Georgian corporate debt.
Georgia retail and payments: cards, acquiring, and unsecured lending
Retail executives Vano Gulmagharashvili and Nika Gvaberidze presented on daily banking, payments, and lending. Gulmagharashvili said TBC has 1.3 million digital monthly active users in Georgia, processes about 1 million daily card transactions, and that payment platform volumes equal roughly 80% of Georgia’s GDP. He said the strategy for 2026–2028 is to become the “go-to financial institution” in Georgia, maintain leadership in affluent banking, and become a leader in mass retail by 2028.
He highlighted the launch of a flagship TBC debit card, saying 1 million cards were issued before the first anniversary, with nearly half issued to new customers and churn below 3%. He added that more than 75% of customers came through digital channels with an end-to-end journey under 25 seconds. On acquiring, he said TBC holds 45% market share in e-commerce acquiring, plans to launch Amex later in the year to broaden POS acceptance for smaller merchants, and intends to be the first to offer QR payments to micro-merchants in Georgia. He said the bank is aiming to exceed 50% market share in acquiring.
On lending, Gvaberidze said TBC’s retail loan portfolio exceeds $3.6 billion, with secured loans (mortgages and home equity) representing 72% of the portfolio and a 43% market share. He said unsecured lending has accelerated, with 83% of disbursements coming from digital channels and an unsecured portfolio of more than $1 billion. He also said “time to cash” for unsecured lending is under two minutes, often under one minute, and that the segment has grown 37% over the past two years.
Gvaberidze said the bank aims to be the largest credit product provider in Georgia, targeting more than 35% market share in retail credit products by the end of 2028 and portfolio growth of 20%–25% annually, while selling more than 90% of products digitally. Retail management also set a target of 2.5 million monthly active users in Georgia by the end of 2028.
Uzbekistan: macro backdrop, ecosystem scaling, and IPO option
Uzbekistan’s Minister of Investment, Industry, and Trade Laziz Kudratov told attendees Uzbekistan is “open for investment” and “stable,” citing reforms since 2017 and foreign direct investment of more than $70 billion since that year. He said GDP growth averaged above 6.5% annually over the past five years, with 7.7% growth in 2025, and noted a sovereign rating upgrade from BB- to BB+. Kudratov said Uzbekistan aims to reach investment-grade status within four years and is advancing privatization, including a $2 billion national investment fund managed by Franklin Templeton and plans to privatize 29 large state-owned enterprises in the current year.
Head of International Oliver Hughes said TBC Uzbekistan has built a digital ecosystem that includes TBC Bank, Payme, TBC Nasiya, BILLZ, and TBC Insurance. He said the ecosystem has 23 million registered users and 6 million monthly active users, and that Payme and TBC together processed more than $9 billion in payments volume last year with over 20% market share in payments. Hughes said the business reached break-even in a little over two years after initially focusing on three verticals: mobile payments, digital cash loans, and online deposits.
Hughes and CEO Nika Kurdiani said the next phase is expanding the B2B side of the platform, targeting SMEs and self-employed customers. Kurdiani said TBC Business launched a web portal in late 2024 and is launching mobile banking for businesses in March. He said the ecosystem includes 55,000 registered businesses and that business lending has grown to a $94 million portfolio for self-employed borrowers and about $20 million for SMEs.
Among product initiatives discussed were new versions of the Salom debit card (including youth and premium versions planned for the second quarter), scaling of the Osmon credit card, expansion of BNPL, and a planned push into digital car financing aimed at reducing the time to complete a car loan to one day. Kurdiani also described “Navat,” a planned loyalty platform intended to connect consumers and merchants across Payme, TBC Business, and BILLZ.
CFO Sharof Sharipov said the Uzbekistan business focuses on “profitable and sustainable growth,” citing an average digital marketing cost of $1.42 to attract a new user and revenue per user growth from $37 to $86 over two years. He said fees and commissions represent about 24% of gross revenues and that the company is seeking to increase that mix through products such as bill and service payments, subscriptions, and insurance. Sharipov said the ecosystem has built the second-largest life insurer in Uzbekistan by market share, exceeding 20% in nine months.
Management repeatedly referenced the possibility of an IPO of the Uzbekistan business as a strategic option, while saying no timing or structure had been decided. The group also said it is evaluating a potential “market number three” for longer-term international expansion, but characterized that as premature given current focus on scaling Uzbekistan.
About TBC Bank Group (LON:TBCG)
TBC Bank Group PLC (“TBC PLC”) is a public limited company registered in England and Wales. TBC PLC is the parent company of JSC TBC Bank (“TBC Bank”) and a group of companies that principally operate in Georgia in the financial sector. TBC Bank, together with its subsidiaries, is a leading universal banking group in Georgia. TBC PLC also offers non-financial services via TNET, the largest digital ecosystem in Georgia. Since 2019, TBC PLC has expanded its operations into Uzbekistan by operating fast growing retail digital financial services in the country.
