ABB Davr Bank project launched with participation of the Presidents of Azerbaijan and Uzbekistan
The ABB Davr Bank project was officially launched in Tashkent with the online participation of President of the Republic of Azerbaijan Ilham Aliyev and President of the Republic of Uzbekistan Shavkat Mirziyoyev.
The launch took place during a ceremony marking the inauguration and groundbreaking of projects being implemented by Azerbaijan in Uzbekistan.
Speaking during joint statements to the press with President Mirziyoyev, President Aliyev described the development as the entry of a leading Azerbaijani bank into the Uzbek market.
Under the project, ABB Bank will acquire a controlling stake in Davr Bank, one of Uzbekistan’s commercial banks. Following completion of the transaction, the Bank will operate in the country under the ABB Davr brand.
On August 22, during the Fourth Uzbekistan–Azerbaijan Interregional Forum in Tashkent, Abbas Ibrahimov, Chairman of ABB’s Management Board, and Lutfulla Ubayev, Shareholder and Chairman of Davr Bank’s Supervisory Board, signed a share purchase agreement for ABB Bank to acquire a controlling stake in Davr Bank.
All required regulatory approvals have been obtained and the relevant agreements have been signed. Completion of the acquisition remains subject only to the final settlement of the transaction.
The agreement represents an important step in ABB’s expansion into Uzbekistan’s financial market, in line with the geographic expansion objectives set out in the Bank’s 2026–2028 Strategic Development Plan.
Operating under the ABB Davr brand, the Bank will provide a broad range of financial services to corporate and retail customers throughout Uzbekistan. ABB Financial Group will introduce its corporate governance practices, digital transformation expertise, artificial intelligence-based solutions and comprehensive financial services for small and medium-sized enterprises to the Uzbek market.
With a population approaching 40 million and a rapidly growing economy, Uzbekistan presents significant opportunities for the development of modern banking services and solutions. ABB Davr Bank will seek to contribute to this development, with a particular focus on creating additional opportunities for the country’s small and medium-sized enterprises.
ABB Bank’s presence in Uzbekistan will also create significant new opportunities for the Group and further strengthen the regional and international standing of ABB Financial Group as a well-established Azerbaijani brand.
Abbas Ibrahimov, Chairman of ABB’s Management Board and Lutfulla Ubayev, Shareholder and Chairman of Davr Bank’s Supervisory Board, thanked the Presidents of Azerbaijan and Uzbekistan, as well as the relevant government authorities, for their support in creating the conditions for ABB’s entry into the Uzbek market.
“It is a great honour for us that the first historic step towards ABB’s geographic expansion in its new strategic period has been taken in brotherly Uzbekistan,” Ibrahimov said. “We view this project as the beginning of our long-term presence in Uzbekistan and aspire to become a trusted financial partner for businesses, individuals and the country’s economy. Our ambition is to create new opportunities, support economic development and contribute to the further strengthening of cooperation between Azerbaijan and Uzbekistan.”
Lutfulla Ubayev, Shareholder and Chairman of Davr Bank’s Supervisory Board, said: “With this transaction, we are taking banking services to a qualitatively new level. The expertise, innovative technologies and strong capital base of our new partner will enable Davr Bank to offer advanced financial products to its customers within a short period. This partnership will provide our Bank with even greater stability and lay the foundation for a major technological leap forward.”
More information about ABB Bank is available at abb-bank.az.