TBC Bank Group PLC
24 July 2026
TBC Bank Group Completes Acquisition of Majority Stake in OLX Uzbekistan, Expanding Its Reach
TBC Bank Group PLC ("TBC Group"), which operates the leading financial services group in Georgia and one of the largest digital financial ecosystems in Uzbekistan, announces that the acquisition of a majority shareholding in OLX Uzbekistan (FE "OLX CLASSIFIEDS" LLC or "OLX UZ"), the country's leading online classifieds platform, from OLX Group, the classifieds business of global technology investor Prosus, has been completed today, July 24, 2026, in accordance with the terms of the share purchase agreement. The related registration of the share transfer in Uzbekistan is expected to take place shortly as part of the post-completion implementation process. The completion has followed the receipt of the required approval from the Committee for the Development of Competition and Protection of Consumer Rights of the Republic of Uzbekistan.
For this acquisition, TBC 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 has acquired 100% of OLX UZ, with TBC Group owning 50% + 1 share and Titan Investments owning the remaining shareholding.
OLX UZ is one of Uzbekistan's top 10 most visited websites, with over 5 million monthly active users and 2 million active listings across services, goods, vehicles and real estate, serving more than 17% of the country's active internet users.
OLX UZ will continue to operate under the OLX brand and work as a stand-alone, open classifieds platform. Over time, TBC Uzbekistan plans to offer financial and payment services through OLX UZ, deepening engagement across consumer and business segments. This will in turn enable OLX UZ, which is already growing profitably, to further develop its own business.
Nika Kurdiani, CEO of TBC Uzbekistan, commented: "We're delighted to announce the completion of this acquisition, which represents continued execution on our strategy to diversify our business. 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. We will preserve what makes OLX unique and trusted - an open and independent platform - while creating new products and services for its users. We are pleased to partner with Titan Investments and leverage our combined expertise to drive further growth of OLX UZ."
The JV between TBC Group and Titan Investments brings a unique combination of expertise in building and growing digital businesses. It allows the Group to leverage Titan's expertise in investing in and scaling high growth digital classifieds, while enabling TBC Uzbekistan to focus on integrating digital banking products into OLX UZ and developing new products together with OLX UZ.
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's 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.
About OLX Uzbekistan
OLX Uzbekistan ("OLX UZ") is a market-leading online classifieds platform and among the country's top 10 most-visited websites. It has over 5 million monthly active users and more than 2 million active listings across services, goods, vehicles, jobs and real estate, reaching around 17% of Uzbekistan's active internet users.
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About TBC Bank Group PLC
TBC Bank Group PLC ("TBC Group") is a London-listed financial services group (LSE: TBCG) serving 7.2 million digital monthly active users across Georgia and Uzbekistan through two complementary business models focused on simplicity, accessibility and customer experience. TBC Georgia is the country's leading financial services provider - a digitally-led franchise across retail, MSME and CIB with a nationwide footprint and a long track record of profitable growth and strong shareholder returns. TBC Uzbekistan is building Central Asia's leading digital financial ecosystem, serving consumers and businesses through a fully digital model.
Founded in Georgia in 1992 and operating in Uzbekistan since 2020, TBC Group has evolved from a national leader into a regional financial services group.
TBC PLC is a public limited company registered in England and Wales. It is a constituent of the FTSE 250 Index and is also included in the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.
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