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

TBC Bank Group PLC, a London-listed financial services group, has agreed to acquire a majority stake in OLX Uzbekistan from OLX Group, the classifieds business of Prosus, one of the world's largest technology investors. This acquisition provides TBC Uzbekistan access to new customer segments through OLX UZ, Uzbekistan's sixth-most visited website with 5.4 million monthly active users and 2.2 million active listings across services, goods, vehicles, and real estate categories.

The transaction represents one of the most significant merger and acquisition deals in Uzbekistan over the past 30 years, highlighting the rapid growth of the country's technology sector. TBC Bank Group formed a joint venture with Titan Investments, an international investment holding company backed by top-tier institutional investors, family offices, and sovereign wealth funds from the Middle East. The joint venture acquires 100% of OLX Uzbekistan, with TBC Bank Group owning 50% plus one share and Titan Investments holding the remaining stake, subject to standard regulatory approvals.

This strategic move enables TBC Uzbekistan, Central Asia's leading digital banking ecosystem with 21 million unique registered users, to leverage Titan Investments' expertise in scaling high-growth digital companies, particularly online classifieds platforms. The partnership combines successful track records in building digital banking businesses and classifieds operations, creating a unique synergy that will drive future growth and innovation.

Nika Kurdiani, CEO of TBC Uzbekistan, emphasized that the acquisition aligns with the company's expansion and diversification strategy, stating that it will "add new customers, continue to move into new segments and increase our share of customer attention." The integration will allow TBC Uzbekistan to develop new products collaboratively with OLX UZ while maintaining the established OLX Uzbekistan brand. The platform serves over 20% of Uzbekistan's active internet users, providing significant reach for TBC's digital banking products.

The acquisition follows TBC Bank Group's June agreement to acquire a majority stake in BILLZ retail management SaaS platform, further strengthening and diversifying TBC's market-leading offering in Uzbekistan. TBC Uzbekistan's business is managed by TBC Digital holding company, which is 80% owned by TBC Bank Group with the European Bank for Reconstruction and Development and International Finance Corporation each holding 10% stakes. TBC Capital served as the sole M&A advisor to TBC Bank Group for this transaction.

This development signals continued growth in Uzbekistan's digital economy and demonstrates how traditional financial institutions are expanding into adjacent digital markets to capture greater customer attention and create comprehensive ecosystems that address both financial and lifestyle needs. The consolidation of profitable, growing platforms like OLX Uzbekistan into established banking ecosystems represents an emerging trend in digital finance expansion across developing markets.