TBC Bank Group PLC (TBC PLC) announced that it has obtained a preliminary banking licence in Uzbekistan, which is an essential step in the process to launch banking operations in the country in the near future. Obtaining a banking licence is a two-step process, wherein the banks are first granted a preliminary licence after which they are expected to meet certain predefined requirements to receive the final licence. As previously announced, TBC PLC's strategy is to develop a greenfield, next-generation banking ecosystem for retail and MSME customers in Uzbekistan. The primary focus will be on digital channels, including neobank, Space. The Uzbek market is highly attractive, with a population of 33 million growing at around 2.0% per year, increasing market liberalisation and a retail loans to GDP ratio of only 6.0% at the end of 2018. For Uzbek venture, company planning to join forces with international financial institutions and a local partner. Company's plans foresee a minimum 51% shareholding. The company have already secured interest from the EBRD and IFC and have reached an agreement on the main terms with the Uzbek-Oman Investment Company to act as local partner. The total amount of the initial investment from all the shareholders will be USD 40 million.