London-listed TBC Bank Group has agreed to acquire a majority stake in OLX Uzbekistan, expanding its digital banking ecosystem in the Central Asian nation.
TBC operates Georgia's leading financial services group and has been building one of Uzbekistan's largest digital banking platforms. The OLX acquisition represents a strategic move to combine banking services with a popular online marketplace.
OLX Uzbekistan runs a classified advertising platform where users buy and sell goods, find housing, and search for jobs. By acquiring a controlling stake, TBC gains access to a large, engaged user base that it can potentially convert into banking customers.
The deal reflects a broader trend of financial institutions partnering with or acquiring e-commerce and marketplace platforms. These partnerships create opportunities to embed financial services—such as payments, lending, and insurance—directly into the buying and selling experience.
For TBC, the acquisition accelerates its digital banking strategy in Uzbekistan, a market with significant growth potential. The country has been modernizing its financial sector and encouraging digital innovation, creating opportunities for both local and international players.
Integrating banking services into OLX's platform could provide users with more convenient payment options, access to financing for purchases, and other financial products tailored to marketplace transactions. Sellers might benefit from faster payment processing and working capital loans.
The transaction also positions TBC to gather valuable data on consumer behavior and commerce patterns, which can inform product development and risk management. Marketplace platforms generate rich transaction data that banks can use to better understand and serve customers.
TBC has been investing heavily in technology and digital channels, recognizing that customers increasingly prefer mobile and online banking over branch visits. The OLX acquisition fits this strategy by bringing banking services to where customers are already spending time.
Uzbekistan's economy has been growing, and its population is young and increasingly connected to the internet. These demographics favor digital-first financial services and e-commerce platforms, making the market attractive for companies like TBC.
The deal structure gives TBC majority control while potentially allowing OLX's existing stakeholders to retain some ownership. This arrangement can help ensure continuity in the platform's operations while enabling TBC to drive strategic direction.