TBC Bank Group has completed the acquisition of a majority stake in OLX Uzbekistan, giving the London-listed lender access to one of the country’s largest online marketplaces as it looks to expand digital banking and payment services beyond its own platforms.
The acquisition is part of TBC’s strategy to diversify its business by integrating financial services into digital platforms that consumers already use, reflecting a broader trend among banks and fintech companies to embed payments, lending, and other financial products into online ecosystems.
A joint venture formed by TBC Group and Titan Investments acquired 100% of OLX Uzbekistan from OLX Group, the classifieds business of global technology investor Prosus.
TBC owns 50% plus one share in the joint venture, while Titan Investments holds the remaining stake.
The transaction was completed after receiving approval from Uzbekistan’s competition authority, with registration of the share transfer expected to follow as part of the post-completion process.
OLX Uzbekistan will continue operating as an independent classifieds platform under the OLX brand.
Over time, TBC Uzbekistan plans to offer financial and payment services through the platform, allowing it to deepen engagement with both consumers and businesses while supporting OLX’s continued growth.
“We’re delighted to announce the completion of this acquisition, which represents continued execution on our strategy to diversify our business,” TBC Uzbekistan Chief Executive Nika Kurdiani said.
“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,” he stressed, adding that the company would preserve OLX as “an open and independent platform” while creating new products and services for its users.
OLX Uzbekistan ranks among the country’s 10 most-visited websites, attracting more than 5 million monthly active users and hosting over 2 million active listings across services, goods, vehicles, jobs and real estate.
The platform reaches more than 17% of Uzbekistan’s active internet users.
The acquisition gives TBC a sizeable digital distribution channel at a time when banks are increasingly seeking to embed financial products into e-commerce, marketplaces and other high-traffic consumer platforms rather than relying solely on standalone banking applications.
Such models can lower customer acquisition costs, increase user engagement and create new revenue opportunities by integrating payments and financial services into everyday transactions.
Titan Investments, whose investor base includes international institutional investors, family offices and Middle Eastern sovereign wealth funds, will contribute expertise in scaling digital classifieds businesses, while TBC Uzbekistan will focus on integrating digital banking products and jointly developing new offerings with OLX Uzbekistan.
TBC Group serves 7.2 million digital monthly active users across Georgia and Uzbekistan.
Since entering Uzbekistan in 2020, the group has been building a fully digital financial ecosystem, making the OLX acquisition another step in broadening its presence beyond banking into consumer digital platforms.