TBC Bank Group, which operates a digital banking ecosystem in Uzbekistan, has acquired a majority stake in OLX Uzbekistan, an online classifieds platform from Prosus’ OLX Group.
The deal will offer TBC Uzbekistan access to new customer networks through OLX UZ, the country’s 6th most-visited website. OLX UZ is a marketplace for services, goods, vehicles and real estate, serving over 20% of the country’s active internet users.
Expanding digital banking ecosystems
For the acquisition, TBC Bank Group formed a joint venture with Titan Investments, an international investment holding company backed by international institutional investors, family offices and sovereign wealth funds from the Middle East. The venture acquired 100% of OLX UZ, with TBC owning 50% plus 1 share. The deal is still subject to regulatory approvals, and OLX UZ will be consolidated into the TBC Uzbekistan ecosystem while continuing to operate under its established brand.
The alliance between TBC and Titan Investments is built on a history of building and growing digital banking businesses and classifieds. The joint venture will allow TBC Group to leverage Titan’s expertise, while TBC Uzbekistan will focus on integrating digital banking products into OLX UZ and developing new products.
The initiative follows TBC’s agreement to acquire a majority stake in BILLZ retail management SaaS platform back in June. This further strengthened and diversified its offering in the country, and the company is expecting that its latest acquisition will do the same.
The company’s ecosystem contains over 21 million registered users, reaching more than half of Uzbekistan’s population. As it continues to grow, TBC aims to enable its customers to handle their financial and lifestyle needs through a simple and intuitive interface. The move will accelerate the company’s ability to deliver better digital banking products for existing and new customers while focusing on expanding its services and presence.
The TBC Uzbekistan business is managed by TBC Digital holding company, which is 80% owned by TBC Bank Group, with EBRD and IFC each holding 10%. TBC Capital is acting as the sole M&A advisor to TBC Bank Group on this transaction.
