TBC Bank Group acquired a controlling stake in OLX Uzbekistan

TBC Bank Group has bought control in OLX Uzbekistan from OLX Group (Prosus). OLX Uzbekistan is the sixth most visited website in the country with 5.4 million monthly active users and 2.2 million ads. The platform's audience is more than 20% of Uzbekistan's internet users.

The deal was formalized through a joint venture between TBC and Titan Investments. The ownership structure is 50% plus 1 share held by TBC and the rest by Titan. The joint venture will acquire 100% of OLX Uzbekistan. Completion of the transaction - after the approval of regulators. The platform will retain the brand.

OLX will be integrated into the ecosystem of TBC Uzbekistan, which already has 21 million registered users. The goal is to expand its customer base, launch new products and grow market share. Titan will provide expertise in developing online platforms.

This is TBC's second major acquisition in Uzbekistan in a year. In June, the group bought control in SaaS platform BILLZ.