London-listed TBC Bank Group said it has agreed to acquire a majority stake in OLX Uzbekistan, one of the country’s most visited online classifieds platforms, in a move that expands its fast-growing digital banking ecosystem in Central Asia.
The acquisition, from OLX Group, the classifieds arm of Dutch-listed tech investor Prosus, marks one of Uzbekistan’s most significant M&A transactions in three decades.
OLX Uzbekistan has 5.4 million monthly active users and 2.2 million active listings across services, goods, vehicles and real estate, reaching more than 20% of the country’s internet users, per the announcement.
TBC Bank Group, which already operates the largest digital banking ecosystem in Uzbekistan, structured the deal through a joint venture with Titan Investments, an international holding company backed by Middle Eastern institutional investors, sovereign wealth funds and family offices.
The joint venture will acquire 100% of OLX Uzbekistan, with TBC owning 50% plus one share, allowing it to consolidate the platform into its ecosystem. The transaction is subject to regulatory approval.
OLX Uzbekistan will continue operating under its existing brand while benefiting from integration with TBC’s digital services.
The bank said it plans to embed financial products into the classifieds platform and develop new services alongside Titan, which has a track record of scaling online marketplaces.
“Our ecosystem counts 21 million unique registered users, reaching over half of Uzbekistan’s population,” said Nika Kurdiani, CEO of TBC Uzbekistan. She added:
The acquisition of the country’s leading classifieds platform OLX Uzbekistan is the next logical step in our expansion and diversification strategy, as we add new customers, continue to move into new segments and increase our share of customer attention.
The deal follows TBC’s agreement in June to acquire a majority stake in retail management software firm BILLZ, underscoring its strategy to diversify and extend its reach in Uzbekistan’s digital economy.
TBC Uzbekistan, part of TBC Digital, includes the country’s largest mobile-only bank, Payme, Payme Nasiya instalment credit business, and digital insurer TBC Insurance.
The unit is 80% owned by TBC Bank Group, with the European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC) each holding 10%.
TBC Bank Group, listed on the London Stock Exchange and a member of the FTSE 250, is the largest financial services provider in Georgia with market shares of 37.8% in loans and 38.1% in deposits as of June 30, 2025.