TASHKENT, Uzbekistan – When Nika Kurdiani began to plot London-listed Georgian lender TBC Bank’s expansion into Uzbekistan around 2018, he had to bring plastic bags full of banknotes to pay restaurant bills. The country of nearly 40 million people — Central Asia’s most populous — had long been largely closed to foreign investment by strict capital controls. Its currency, the sum, was artificially overvalued and credit cards rarely accepted, forcing consumers to carry wads of cash for everyday purchases.
But after almost a decade of economic reform that has helped growth outpace that of most ex-Soviet peers, digital payments are ubiquitous. TBC Uzbekistan, one of few foreign lenders operating in a still mostly state-owned banking sector, is considering an initial public offering (IPO) separate from its Georgian parent.
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