Nov 5, 11:01 AM
Azerbaijani Lender ABB Completes Acquisition of Uzbekistan’s Davr Bank
The transaction grants ABB a 51 percent stake in the Uzbek lender as part of its Central Asian expansion strategy.
Azerbaijani financial institution ABB Financial Group has acquired a controlling 51 percent stake in Uzbekistan's Davr Bank, marking its formal entry into the Central Asian banking sector. The transaction was registered on September 10, 2026, at the Tashkent Stock Exchange following the purchase of 51 million ordinary shares.
The acquisition was preceded by a joint launch ceremony on August 23, which featured the online participation of Azerbaijani President Ilham Aliyev and Uzbek President Shavkat Mirziyoyev. Under the agreement, the institution will operate in Uzbekistan as a universal bank under the brand name ABB DAVR. Davr Bank holds assets exceeding 2 billion US dollars, employs over 1,800 staff, and maintains 43 branches serving more than 2 million customers across Uzbekistan.
Following the acquisition, credit rating agency S&P Global Ratings upgraded Davr Bank's long-term credit rating from B to B+ with a stable outlook. The agency cited the availability of financial support from ABB Financial Group as a central factor in the assessment. ABB carries international credit ratings of BB+ from Fitch Ratings and Ba1 from Moody's, placing its rating profile above Uzbekistan’s sovereign rating of BB on the Fitch scale and Ba2 on the Moody's scale.
According to ABB Chairman of the Management Board Abbas Ibrahimov, the project forms part of the group's 2026–2028 expansion strategy to introduce its digital banking systems, risk management frameworks, and corporate services to Central Asian markets. Official data shows an established corporate presence between the two countries, with more than 470 companies with Azerbaijani capital registered in Uzbekistan and over 130 entities with Uzbek capital operating in Azerbaijan.
To fund its broader regional initiatives and international presence, ABB recently closed a 230 million US dollar syndicated loan with twelve financial institutions from Europe and the United Arab Emirates. The bank has also integrated custom artificial intelligence hardware, including a Dell PowerEdge server fitted with eight Nvidia HGX B200 units, to run its proprietary digital operations and service models across its expanded operational footprint.
Written by Freya Stensrud freya.stensrud@alpineweekly.com
