REG - TBC Bank Group PLC - TBC PLC Acquires Majority Stake in OLX Uzbekistan

TBC BankAnnouncement

21/08/2025 15:15

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RNS Number : 3159W  TBC Bank Group PLC  21 August 2025

TBC Bank Group Acquires Majority Stake in OLX Uzbekistan, Expanding Its
Market-Leading Digital Banking Ecosystem in Uzbekistan

London-listed TBC Bank Group ("TBC PLC"), which operates the leading financial
services group in Georgia and one of the largest digital banking ecosystems in
Uzbekistan, announces it has agreed to acquire a majority stake in OLX
Uzbekistan ("OLX UZ"), a leading online classifieds platform in the country,
from OLX Group, classifieds business of Prosus.

This deal with Prosus, one of the largest technology investors in the world,
will give TBC Uzbekistan access to new customer segments through OLX UZ,
Uzbekistan's 6th-most visited website. OLX Uzbekistan has 5.4 million monthly
active users and 2.2 million active listings, making it a leading marketplace
in services, goods, vehicles and real estate, serving over 20% of the
country's active internet users. This 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 OLX UZ acquisition, TBC Bank Group formed a joint venture (JV) 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 JV acquires 100% of OLX Uzbekistan,
with TBC Bank Group owning 50% + 1 share and Titan Investments owning the
remaining stake in the JV. The deal is subject to standard regulatory
approvals. TBC Bank Group plans to consolidate OLX Uzbekistan, already growing
profitably, into TBC Uzbekistan ecosystem.

OLX Uzbekistan will continue to operate under its established brand.

The JV 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. Titan Investments team brings deep expertise in
investing in and scaling high-growth digital companies, including online
classifieds platforms. The joint venture will allow the Group to leverage
Titan's expertise while TBC Uzbekistan will focus 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 and is part of TBC Group's continued profitable growth
strategy. It follows TBC Bank 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.

Nika Kurdiani, CEO of TBC Uzbekistan, commented: "Our ecosystem counts 21
million unique registered users, reaching over half of Uzbekistan's
population. We continue to grow rapidly, enabling our customers to handle
their financial and lifestyle needs through our seamless interface. 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. This acquisition is set to unlock powerful synergies
between our platforms, accelerating our ability to deliver best-in-class
digital banking products for existing and new customers. We are proud to
partner with Titan Investments for this deal, who are bringing their
successful track record of scaling classifieds into the mix. We're delighted
to be able to leverage the OLX potential and accelerate its growth and aim to
fully consolidate this platform into the TBC Uzbekistan ecosystem in the
longer term."

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.

 

 

About TBC Bank Group PLC ("TBC PLC")

TBC Bank Group's mission is to make people's lives easier by providing
digitally led financial services to retail and corporate customers. TBC Bank
Group PLC ("TBC PLC") is a public limited company registered in England and
Wales and is the parent company of TBC Bank Georgia and TBC Uzbekistan.

TBC Bank Georgia, together with its subsidiaries, is the leading financial
services group in Georgia, with a total market share of 37.8% of customer
loans and 38.1% of customer deposits as of 30 June 2025, according to data
published by the National Bank of Georgia.

TBC Uzbekistan is the leading digital banking ecosystem in Central Asia with
21 mln unique registered users that includes TBC Bank Uzbekistan, the
country's largest mobile-only bank, Payme, a leading payments app for
individuals and small businesses, Payme Nasiya, an instalment credit business,
and TBC Insurance, digital insurance provider.

TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a
constituent of the FTSE 250 Index. It is also a member of the FTSE4Good Index
Series and the MSCI United Kingdom Small Cap Index.

About Titan Investments

Titan Investments ("Titan") focuses on investing in businesses built by
outstanding entrepreneurs across the globe. Titan's investor base consists of
top-tier international institutional investors, family offices and sovereign
wealth funds from the Middle East. Titan team brings deep expertise in
investing in and scaling high-growth digital companies, including online
classifieds platforms. As an active, entrepreneurial investor, Titan builds
value together with its portfolio companies' management teams and partners,
focusing on identifying and executing value creation opportunities, optimizing
business strategies, strengthening teams and upgrading systems and processes.

 

 

 

For further enquiries, please contact:

Director of Investor Relations

Andrew Keeley

 

Or

 

Head of Investor Relations

Anna Romelashvili

ir@tbcbank.com.ge (mailto:ir@tbcbank.com.ge)

 

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