ABB launched a project with Davr Bank in Uzbekistan

ABB and Davr Bank launched a joint project in Uzbekistan.

On August 23, an online ceremony to launch the ABB Davr project was held in Tashkent, attended by the presidents of Uzbekistan, Shavkat Mirziyoyev, and Azerbaijan, Ilham Aliyev. As part of the project, ABB, the Azerbaijani bank, will acquire a controlling stake in Davr Bank, the Uzbek bank, which will continue its operations in Uzbekistan under the new brand, ABB Davr.

The ceremony was held as part of an event dedicated to the opening and groundbreaking of projects implemented by Azerbaijan in Uzbekistan. Ilham Aliyev noted that the launch of the project marks the entry of one of Azerbaijan's leading banks into the Uzbek market.

An agreement to acquire a controlling stake in Davr Bank was signed on August 22 in Tashkent by ABB Chairman of the Management Board Abbas Ibrahimov and shareholder and Chairman of the Supervisory Board of Davr Bank Lutfulla Ubayev at the 4th Uzbek-Azerbaijani Interregional Forum.

According to the information provided, all necessary regulatory approvals have been received, and the relevant agreements have been signed. Completion of the transaction is subject to final settlement.

Entering the Uzbek market is in line with ABB's strategic goal of geographic expansion, as set out in the bank's development plan for 2026–2028. Under the ABB Davr brand, the bank plans to provide a wide range of financial services to corporate and retail clients across the country.

ABB Financial Group intends to implement its corporate governance practices, digital transformation, and artificial intelligence-based solutions in Uzbekistan. Particular attention will be paid to comprehensive financial services for small and medium-sized businesses.

ABB believes its presence in the Uzbek market will create additional opportunities for the group's development. The company also intends to help expand opportunities for small and medium-sized businesses and create a modern customer experience in banking services.

ABB Chairman of the Management Board Abbas Ibragimov described the project as the beginning of the group's long-term operations in Uzbekistan. He stated that the bank aims to become a financial partner for businesses, citizens, and the country's economy, creating new opportunities and supporting the further development of cooperation between Azerbaijan and Uzbekistan.

Lutfulla Ubayev noted that the deal will enable Davr Bank to improve the quality of banking services. He emphasized that the new partner's experience, innovative technologies, and capital should enable the bank to quickly offer modern financial products to clients.

ABB also expects its presence in the Uzbek market to strengthen the financial group's regional and international positions.