TBC Bank purchased the controlling stake of OLX Uzbekistan

The TBC Bank group has reached an agreement to purchase the controlling stake of OLX Uzbekistan online classifieds service. This was reported by Zamin.uz.

This was reported by the Kursiv publication. For this acquisition, TBC Bank established a joint venture with the Titan Investments holding, supported by international investors.

The shares are being purchased from OLX Group, which is owned by the Prosus company. According to the agreement, TBC Bank will become the owner of more than 50 percent, specifically 50% plus 1 share.

The remaining shares will belong to the Titan Investments holding. Currently, approvals from the relevant regulators are being obtained to formalize the contract.

According to TBC Bank, this deal with Prosus allows the bank to access a new customer segment through OLX Uzbekistan. The OLX Uzbekistan website is the sixth most visited site in the country.

Currently, the OLX Uzbekistan platform has 5.4 million active users per month and 2.2 million active listings. The OLX brand will continue to operate under its own name in Uzbekistan.

TBC Bank plans to integrate the service into its ecosystem. This will enable the bank to expand its range of digital services and provide more convenient services to customers.

Source: kursiv.uz