International Bank of Azerbaijan buys 51% of shares in Uzbekistan's Davr Bank for $100 mln

BAKU. May 8 (Interfax) - The International Bank of Azerbaijan (ABB), the largest bank in the country, will begin operations in Uzbekistan in H2 2026 by acquiring 51% of the shares in the latter country's Davr Bank, Azerbaijani media reported, citing ABB Board Chairman Abbas Ibrahimov.

"Our negotiations on acquiring a controlling stake in a private bank in the Uzbek market have been successfully concluded. We hope to complete the permit and registration processes promptly, and our country's international banking brand, ABB, will begin operating in Uzbekistan under the name ABB Davr Bank," Ibrahimov said.

The Uzbek bank's assets amount to around $1 billion, he said. The customer base includes more than 1.4 million clients. Its network consists of 43 branches.

"We held negotiations with many financial institutions and ultimately settled on this bank. The selection criteria were: a healthy business model, a positive reputation in working with the SME segment (small and medium-sized businesses) in the Uzbek market, established ties with international financial organizations (the ADB [Asian Development Bank], the EBRD [European Bank for Reconstruction and Development] and others), the shareholder's willingness to sell a stake and the alignment of our strategic goals. According to current calculations, the investment in the purchase of the bank in Uzbekistan will exceed $100 million," Ibrahimov said.

Davr Bank has been operating since September 2001.

ABB was established in 1992. The Azerbaijani state's share in the bank's charter capital is 92.2%. The bank's shareholders include 17 legal entities and 35,105 individuals. ABB currently has subsidiary banking structures in Russia and Georgia.