Azerbaijan's ABB Acquires Majority Stake in Davr Bank

Tashkent, Uzbekistan (UzDaily.uz) — Azerbaijani bank ABB launched its ABB Davr project in Tashkent on 23 August 2026, following a joint online ceremony attended by Uzbek President Shavkat Mirziyoyev and Azerbaijani President Ilham Aliyev, ABB reported.

The project involves ABB acquiring a controlling stake in Uzbekistan's Davr Bank, which will operate in the country under the new ABB Davr brand. The virtual launch took place during an event celebrating the inauguration and groundbreaking of projects implemented by Azerbaijan in Uzbekistan. President Aliyev highlighted the project as a major entry into the Uzbek market by one of Azerbaijan's leading banks.

ABB Chairman of the Board Abbas Ibrahimov and Davr Bank shareholder and Supervisory Board Chairman Lutfulla Ubayev signed the acquisition agreement on 22 August 2026 during the IV Uzbek-Azerbaijani Interregional Forum in Tashkent. All necessary regulatory approvals have been obtained and corresponding agreements signed, with final completion subject to financial settlement.

The expansion aligns with ABB's strategic development plan for 2026–2028. Under the ABB Davr brand, the bank plans to offer financial services to corporate and retail clients across all regions of Uzbekistan. The financial group intends to introduce its corporate governance practices, digital transformation tools, and artificial intelligence solutions, with a targeted focus on comprehensive services for small and medium-sized enterprises.

Ibrahimov described the initiative as the beginning of the group's long-term operations in Uzbekistan, aiming to establish the bank as a financial partner for local businesses and citizens while supporting bilateral economic ties. Ubayev noted that the transaction will allow Davr Bank to raise its service standards, leveraging ABB's capital and technology to deploy modern financial products.