TBC Bank Group becomes the owner of OLX Uzbekistan

TBC Bank Group announced the acquisition of a controlling stake in OLX Uzbekistan, the country's largest online classifieds platform. The deal was concluded with OLX Group, which is part of the international holding company Prosus, one of the world's largest investors in the technology sector.

OLX Uzbekistan ranks sixth in terms of traffic among websites in the country. The platform is used monthly by 5.4 million active users, and the number of listed ads exceeds 2.2 million. Goods, services, cars, and real estate are bought and sold through OLX. The platform covers more than 20% of Uzbekistan's active internet audience.

To acquire the company, TBC Bank Group created a joint venture with the international investment company Titan Investments. The new joint venture will acquire 100% of the shares of OLX Uzbekistan: TBC's share will be 50% + 1 share, and Titan Investments will receive the remaining portion. After the completion of the deal, which requires regulatory approval, OLX Uzbekistan will continue to operate under its own brand.

The deal opens up new opportunities for TBC Uzbekistan. Thanks to OLX's audience, the bank will be able to reach new customer segments and combine digital banking products with online trading. The partnership with Titan Investments will provide TBC with access to the company's experience in scaling digital businesses.

This deal has become one of the largest on the technology market in Uzbekistan in the last 30 years. It fully aligns with the strategy of TBC Bank Group to expand its digital ecosystem. In June, TBC already acquired a controlling stake in the SaaS platform BILLZ, which helps automate retail trade.

Today, the TBC Uzbekistan ecosystem serves more than 21 million registered users and is considered the largest digital banking platform in Central Asia. It is managed by TBC Digital, where TBC Bank Group owns 80% of the shares, and the EBRD and IFC each own 10%. The deal consultant was TBC Capital.

Source: tbcbank.uz