TBC Bank Group is a leading regional bank operating in two markets: Georgia, where it operates a leading full-service bank and Uzbekistan, where it owns the largest fully digital mobile-only bank. Its strong market positions in both of these countries combined with attractive economic outlooks leaves the group well placed to deliver strong double-digit loan book growth and maintain a RoE well in excess of 20%. This dynamic combined with a dividend yield of 6-8% sees us initiate with a Buy rating ....
