ABB launches joint project with Davr Bank in Uzbekistan

ABB launches new project in Uzbekistan in partnership with Davr Bank.

On August 23, the official opening ceremony of the ABB Davr project was held online in Tashkent with the participation of the Presidents of Uzbekistan and Azerbaijan, Shavkat Mirziyoyev and Ilham Aliyev. This project involves the acquisition of a controlling stake in Davr Bank in Uzbekistan by the Azerbaijani ABB Bank and the continuation of the bank's activities in the domestic market under the "ABB Davr" brand. This was reported by ABB.

The ceremony was held as part of an event dedicated to the opening and laying of the foundation stone of projects implemented by Azerbaijan in Uzbekistan. Ilham Aliyev described the launch of this project as the entry of one of the leading banks of Azerbaijan into the Uzbekistani market.

The agreement to acquire a controlling stake in Davr Bank was signed on August 22 by ABB Chairman of the Board Abbas Ibrohimov and Davr Bank shareholder and Chairman of the Supervisory Board Lutfulla Ubayev during the IV Uzbekistan-Azerbaijan Interregional Forum in Tashkent.

According to information, all necessary regulatory approvals have been obtained and relevant agreements have been signed. The completion of the transaction is subject to final settlement of the transaction.

Entering the Uzbek market is in line with the geographical expansion goal set out in ABB's strategic plan for the development of the bank for 2026-2028. The bank plans to provide a wide range of financial services to corporate and retail clients in all regions of the country under the ABB Davr brand.

ABB Financial Group plans to introduce its expertise in corporate governance and digital transformation, as well as solutions based on artificial intelligence, in Uzbekistan. Special attention will be paid to complex financial services for small and medium-sized businesses.

ABB believes that its activities in the Uzbek market will create additional opportunities for the development of the group. The company also plans to contribute to expanding the capabilities of small and medium-sized businesses and creating a modern customer experience in the field of banking services.

ABB Chairman of the Board Abbos Ibrohimov called this project the beginning of the group's long-term activities in Uzbekistan. According to him, the bank aims to become a financial partner for businesses, citizens and the country's economy, create new opportunities and support the further development of cooperation between Azerbaijan and Uzbekistan.

Lutfulla Ubayev noted that this transaction will allow Davr Bank to improve the quality of banking services. He noted that the experience, innovative technologies and capital of the new partner should allow the bank to offer modern financial products to customers in a short time.

ABB also believes that participation in the Uzbek market will serve to strengthen the financial group's regional and international positions.