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

TBC Bank Group, which operates the leading financial services group in Georgia and one of the largest digital banking ecosystems in Uzbekistan, has agreed to acquire a majority stake in OLX Uzbekistan from OLX Group, the classifieds business of Prosus. 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, serving over 20% of the country's active internet users.

The deal marks a milestone for Uzbekistan's fast-growing tech sector and stands among the most significant M&A deals in the country in the past 30 years. For the acquisition, TBC Bank Group formed a joint venture with Titan Investments, an international investment holding company backed by top-tier international 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 owning the remaining stake.

The joint venture between TBC PLC and Titan Investments brings a unique combination of expertise and successful track records of building and growing digital banking businesses and classifieds platforms. Titan Investments' team brings deep expertise in investing in and scaling high-growth digital companies, including online classifieds platforms. This partnership will allow the Group to leverage Titan's expertise while TBC Uzbekistan focuses on integrating digital banking products into OLX Uzbekistan and developing new products together with OLX UZ.

This acquisition is set to unlock additional synergies for TBC Uzbekistan, Central Asia's leading digital banking ecosystem reaching 21 million unique registered users. The transaction is part of TBC Group's continued profitable growth strategy and follows the Group's agreement in June to acquire a majority stake in BILLZ retail management SaaS platform, further strengthening and diversifying TBC's market-leading offering in Uzbekistan. The deal is subject to standard regulatory approvals, and TBC Bank Group plans to consolidate OLX Uzbekistan, which is already growing profitably, into the TBC Uzbekistan ecosystem while maintaining the established OLX Uzbekistan brand.