TBC Bank Group Expands in Uzbekistan with OLX UZ Acquisition
London-listed TBC Bank Group (TBC PLC), the leading financial services provider in Georgia and operator of one of Central Asia’s largest digital banking ecosystems, has announced plans to acquire a controlling stake in OLX Uzbekistan, one of the country’s most visited online classifieds platforms. The acquisition is from OLX Group, the classifieds arm of Prosus, one of the world’s largest technology investors.
A Milestone Deal for Uzbekistan’s Tech Market
The move gives TBC Uzbekistan access to new customer segments through OLX UZ, Uzbekistan’s sixth most visited website. The platform attracts 5.4 mln monthly users and hosts 2.2 mln active listings across categories including services, goods, vehicles and real estate. It serves more than 20% of the country’s active internet audience. The deal is considered one of Uzbekistan’s most significant technology sector transactions in the past three decades.
To facilitate the acquisition, TBC Bank Group has formed a joint venture with Titan Investments, an international investment holding backed by global institutional investors, family offices and Middle Eastern sovereign wealth funds. Through the JV, which acquires 100% of OLX Uzbekistan, TBC will own 50% plus one share while Titan will hold the remainder. The deal remains subject to regulatory approval. TBC Bank Group intends to fully integrate OLX Uzbekistan, which is already operating profitably, into the wider TBC Uzbekistan digital ecosystem while retaining its established brand.
Creating Synergies Through Digital Growth
The partnership combines Titan’s strong track record in scaling digital businesses with TBC’s expertise in building innovative financial ecosystems. Titan brings deep knowledge of online marketplaces, while TBC plans to introduce financial products into OLX Uzbekistan and jointly develop new services.
TBC Uzbekistan already serves 21 mln registered users across platforms including its mobile-only bank, payments app Payme, instalment credit service Payme Nasiya and digital insurance provider TBC Insurance. The OLX acquisition is expected to generate significant synergies and represents the next step in TBC Group’s expansion strategy, following its agreement earlier this year to take a majority stake in BILLZ, a retail management SaaS provider.
Nika Kurdiani, CEO of TBC Uzbekistan, said:
«Our ecosystem now reaches more than half of Uzbekistan’s population. The acquisition of OLX Uzbekistan is the natural next step as we diversify and expand into new customer segments. This deal will unlock strong synergies, helping us accelerate delivery of digital banking solutions. We are pleased to partner with Titan Investments, whose expertise in scaling classifieds will be invaluable in maximising OLX’s potential.»
The acquisition is being advised by TBC Capital, the group’s investment arm.
