ABB Bank Expands Into Uzbekistan With Davr Bank Acquisition

KUALA LUMPUR, Aug 28 (Bernama) -- The ABB Davr Bank project was officially launched in Tashkent, marking the inauguration and groundbreaking of projects being implemented by Azerbaijan in Uzbekistan.

The launch ceremony was attended online by the Republic of Azerbaijan President, Ilham Aliyev, and Republic of Uzbekistan President, Shavkat Mirziyoyev, according to a statement.

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 Aug 22, at the Fourth Uzbekistan–Azerbaijan Interregional Forum, ABB Management Board Chairman Abbas Ibrahimov and Shareholder and Chairman of Davr Bank’s Supervisory Board, Lutfulla Ubayev signed a share purchase agreement for ABB Bank to acquire a controlling stake in Davr Bank.

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.

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.

-- BERNAMA