Davr Bank Shareholders Approve Talks on ABB Stake Sale

Tashkent, Uzbekistan (UzDaily.com) — Shareholders of Davr Bank have approved continued negotiations with the International Bank of Azerbaijan (ABB) on the potential sale of a controlling stake in the Uzbek lender, according to a decision taken at the annual general meeting held on 8 June.

According to information published on the Unified Corporate Information Portal, shareholders unanimously supported further discussions on the sale of 51% of Davr Bank’s charter capital to the Azerbaijani investor.

The meeting also approved agreement on the main terms of the potential transaction and the execution of necessary corporate, legal, financial, and regulatory procedures.

In addition, the parties plan to consider the possibility of an option agreement that could grant ABB the right to acquire an additional 23% stake in the bank under further arrangements.

The shareholders’ meeting also decided to extend the term of Davr Bank Chairman of the Management Board Abdumajid Samadov for another year.

Davr Bank reported net profit of 667.3 billion soums in 2025. Shareholders decided to allocate 5% of the profit to the general reserve fund, while the remaining amount will be retained as retained earnings.

The new Supervisory Board includes Lutfulla Ubaev, Mirkodir Mirzayatov, Ozoda Abdurakhmanova, Shavkat Giyasov, and Adkham Alimov.

Earlier reports said that the International Bank of Azerbaijan plans to enter the Uzbek market through the acquisition of a controlling stake in Davr Bank. In May, it was reported that the Azerbaijani state-owned bank intends to acquire 51% of shares for US$100 million.

As of 1 May, Davr Bank’s assets stood at 12.75 trillion soums, ranking it 20th among banks in the country by assets. Its loan portfolio reached 9.24 trillion soums, while deposits totaled 4.78 trillion soums.

Davr Bank was registered in September 2001 as a private joint-stock commercial bank.

Its largest shareholder is Supervisory Board Chairman Lutfulla Ubaev with a 46.9% stake. Another 13.5% is held by Mahfuza Ubaeva. The bank is headed by Management Board Chairman Abdumajid Samadov.