TBC Bank Group Acquires Majority Stake in OLX Uzbekistan to Expand Digital Ecosystem

TBC Bank Group PLC, a London-listed financial services group, has agreed to acquire a majority stake in OLX Uzbekistan from Prosus's OLX Group, positioning the bank to access new customer segments through Uzbekistan's sixth-most visited website. The transaction, conducted through a joint venture with Titan Investments, involves acquiring 100% of OLX Uzbekistan, with TBC holding 50% plus one share and Titan Investments owning the remainder, subject to regulatory approvals.

The acquisition enables TBC Uzbekistan, Central Asia's leading digital banking ecosystem with 21 million unique registered users, to integrate digital banking products into OLX Uzbekistan's platform, which boasts 5.4 million monthly active users and 2.2 million active listings across services, goods, vehicles, and real estate. This move follows TBC Bank Group's June agreement to acquire a majority stake in BILLZ retail management SaaS platform, reinforcing its strategy of diversifying and strengthening its market-leading offering in Uzbekistan.

Nika Kurdiani, CEO of TBC Uzbekistan, emphasized that the acquisition aligns with the ecosystem's expansion and diversification strategy, aiming to unlock powerful synergies between platforms and accelerate the delivery of best-in-class digital banking products. The joint venture leverages Titan Investments' expertise in scaling high-growth digital companies, including online classifieds platforms, while TBC focuses on product integration and development.

The deal underscores the growth of Uzbekistan's tech sector and ranks among the most significant mergers and acquisitions in the country over the past 30 years. OLX Uzbekistan will continue operating under its established brand, with plans for full consolidation into the TBC Uzbekistan ecosystem in the longer term. TBC Capital served as the sole M&A advisor to TBC Bank Group for this transaction.