London-listed TBC Bank Group has agreed to acquire a majority stake in OLX Uzbekistan from OLX Group in one of the largest technology deals in Uzbekistan in three decades, according to the company's press release.

TBC Bank Group, Georgia's largest financial services provider and a leading digital banking ecosystem in Central Asia, formed a joint venture with Titan Investments, an international holding backed by institutional investors, family offices and Middle Eastern sovereign wealth funds, to complete the acquisition.

The joint venture acquired 100% of OLX Uzbekistan, with TBC Bank holding a majority position of 50% plus one share, whilst Titan owns the remainder. The agreement is subject to regulatory approval.

OLX Uzbekistan is the sixth-most visited website in the country, with 5.4mn monthly active users and 2.2mn active listings spanning goods, services, vehicles and real estate. It serves more than one-fifth of Uzbekistan's internet users.

The bank plans to consolidate OLX Uzbekistan into its wider TBC Uzbekistan ecosystem, which already includes a mobile-only bank, the payments app Payme, instalment credit business Payme Nasiya and digital insurer TBC Insurance.

"Our ecosystem counts 21mn unique registered users, reaching over half of Uzbekistan's population," said Nika Kurdiani, chief executive of TBC Uzbekistan. "The acquisition of OLX Uzbekistan is the next logical step in our expansion and diversification strategy ... This acquisition is set to unlock powerful synergies between our platforms."

OLX Uzbekistan will continue operating under its existing brand. The acquisition follows TBC's agreement in June to buy a majority stake in BILLZ, a retail management SaaS platform, as the group looks to diversify revenue streams in Uzbekistan.

In July, TBC Uzbekistan was named among the world's top fintech firms in the neobanking category by CNBC and Statista, becoming the first company from Uzbekistan and Central Asia to earn this recognition.

TBC PLC is listed on the London Stock Exchange under the ticker TBCG and is a constituent of the FTSE 250 index.