TBC Bank Group buys majority stake in OLX Uzbekistan

TBC Bank Group has completed the acquisition of a majority stake in OLX Uzbekistan, giving it control of one of the country's largest online classifieds platforms.

The transaction was completed through a joint venture with Titan Investments, which acquired 100% of OLX Uzbekistan. TBC Bank Group holds 50% plus one share in the venture, while Titan Investments owns the rest.

The deal followed approval from Uzbekistan's competition and consumer rights authority. Registration of the share transfer in Uzbekistan is still expected as part of the post-completion process.

OLX Uzbekistan is among the country's 10 most-visited websites, according to the companies. The platform has more than 5 million monthly active users and over 2 million active listings across services, goods, vehicles, jobs and real estate.

The acquisition gives TBC a sizeable consumer internet asset in a market where it has been building its digital financial business since entering Uzbekistan in 2020. OLX Uzbekistan reaches about 17% of the country's active internet users, the group said.

Deal structure

The acquisition brings together a London-listed financial services group and an investor focused on digital businesses. Titan Investments is backed by institutional investors, family offices and sovereign wealth funds from the Middle East. The partnership combines TBC's financial products with Titan's experience in online classifieds, according to the companies.

OLX Uzbekistan was acquired from OLX Group, the classifieds business of Prosus. The platform will continue to operate under the OLX brand as a stand-alone open classifieds marketplace.

The deal expands TBC beyond banking and payments into a broader consumer marketplace model. The group already serves 7.2 million digital monthly active users across Georgia and Uzbekistan through its two main businesses.

In Georgia, TBC operates a long-established financial services franchise spanning retail, micro, small and medium-sized businesses, and corporate and investment banking. In Uzbekistan, it has focused on a digital-only model for consumers and businesses.

Uzbekistan focus

The purchase adds a business that is already profitable, according to TBC. Over time, the group plans to offer financial and payment services through the platform while developing new products alongside the classifieds business.

This reflects a strategy seen in other digital markets, where financial companies use marketplace traffic to reach users more frequently and across more parts of their daily spending. In Uzbekistan, where internet use and digital commerce have expanded quickly, classifieds platforms can provide a route into transactions linked to cars, property, jobs and household goods.

Nika Kurdiani, Chief Executive Officer of TBC Uzbekistan, commented after the deal's completion.

"We're delighted to announce the completion of this acquisition, which represents continued execution of our strategy to diversify our business. It enables TBC to enter a new high-growth vertical, bringing millions of new customers, allowing us to capture a greater share of customer attention and unlocking additional synergies that drive long-term customer loyalty and engagement. We will preserve what makes OLX unique and trusted - an open and independent platform - while creating new products and services for its users. We are pleased to partner with Titan Investments and leverage our combined expertise to drive further growth of OLX UZ," said Nika Kurdiani, Chief Executive Officer of TBC Uzbekistan.

The deal highlights TBC's effort to expand the role of its Uzbekistan business beyond a financial app. By adding a large listings platform, the group gains regular user traffic in categories that can lead to payments, lending and merchant services.

Regional ambitions

Founded in Georgia in 1992, TBC has grown into a regional group spanning Georgia and Uzbekistan. It is part of the FTSE 250 Index and has positioned Uzbekistan as a major growth market.

For OLX Uzbekistan, the new ownership structure keeps the brand in place while pairing the platform with investors that see room for commercial expansion. The joint venture is intended to strengthen the classifieds business while allowing TBC Uzbekistan to focus on integrating financial products into the platform, according to the companies.

OLX Uzbekistan's scale shows why the asset matters. With more than 5 million monthly active users and over 2 million listings, its reach extends far beyond a niche online service and into a significant share of the country's active internet population.