Azerbaijan's ABB Enters Uzbekistan Banking Market With Davr Bank Acquisition

OPA WIRE, Nov 5 (OPA) — Azerbaijan’s International Bank (ABB) has completed its acquisition of a 51% controlling stake in Uzbekistan's Davr Bank, registering 51 million ordinary shares on the Tashkent Stock Exchange on September 10, 2026. The launch event took place with the online participation of Azerbaijani President Ilham Aliyev and Uzbek President Shavkat Mirziyoyev during a ceremony in Tashkent. Davr Bank will operate under the ABB DAVR brand, offering universal banking services to individuals, small and medium-sized enterprises, and corporate clients across Uzbekistan.

Following the transaction, S&P Global Ratings upgraded Davr Bank's long-term credit rating from B to B+ with a stable outlook, noting potential support from ABB Financial Group. ABB holds a BB+ rating from Fitch Ratings and a Ba1 rating from Moody’s, positioning the institution with a stronger credit profile than several local Uzbek peers. Abbas Ibrahimov, chairman of the ABB management board, stated that the project brings Azerbaijan’s technological capabilities and financial expertise into a growing international market.

Uzbekistan represents one of Central Asia’s fastest-evolving banking sectors, driven by economic liberalization and a population approaching 40 million. More than 470 companies with Azerbaijani capital are currently registered in Uzbekistan, alongside over 130 Uzbek firms operating in Azerbaijan. ABB DAVR is designed to function as a financial bridge, supporting bilateral trade, settlement services, trade finance, and documentary operations between the two economies.

Across its broader operations, ABB Financial Group now serves roughly 5.5 million customers, scaling its potential reach to 50 million people. The bank utilizes more than 180 artificial intelligence models across 86 user scenarios and operates on a roughly 90% paperless framework. The expansion aligns with ABB's long-term strategy to diversify operations and scale digital banking models across emerging markets in Central Asia, Asia, and Africa.