ABB to become the majority shareholder of Davr Bank in 7–10 days
Azerbaijan's ABB Bank is finalizing the acquisition of Davr Bank in Uzbekistan and plans to launch the ABB Davr brand as early as October 2026.
ABB to become the main shareholder of Davr Bank in 7–10 days
Azerbaijan's ABB Bank will complete the legal transfer of rights to Davr Bank shares within the next 7–10 days and become its main shareholder, with the launch of operations under the new ABB Davr brand expected tentatively in October 2026. This was announced by the Chairman of the Management Board of ABB, Abbas Ibrahimov, in an interview posted on the bank's website.
According to Ibrahimov, the official launch of the ABB Davr project was initiated on August 23 with the participation of the Presidents of Azerbaijan and Uzbekistan, Ilham Aliyev and Shavkat Mirziyoyev. By that time, the parties had already obtained all necessary permits and signed the share purchase agreement. Following the completion of registration procedures and amendments to the shareholder register, the bank will come under the control of ABB.
The rebranding will be carried out in phases: first, the changes will affect corporate communications and digital channels, followed by branches, ATMs, and cards. Ibrahimov specified that the project's goal is not limited to a name change — the bank intends to bring ABB's technologies, service standards, and institutional experience to Uzbekistan, adapting them to the local market.
Davr Bank, which became the foundation of the project, currently serves more than 2 million customers, has a network of 43 branches and service centers, and a staff of over 1,800 employees. The bank's assets exceed 2 billion manats.
According to the head of ABB, when choosing a platform to enter the Uzbek market, the company focused on the bank's development dynamics, its international relations, and customer segments.
ABB Davr is planned to be developed as a universal bank for individuals, small and medium-sized businesses, as well as corporate clients, with an emphasis on digital banking, payments, and documentary operations. Ibrahimov noted that the bank also intends to adapt the Beyond Banking model, successfully implemented by ABB in Azerbaijan, to the Uzbek market.
Speaking about the project's significance for bilateral economic ties, Ibrahimov recalled that more than 470 enterprises with Azerbaijani capital are registered in Uzbekistan, and more than 130 enterprises with Uzbek capital are registered in Azerbaijan. According to him, ABB Davr can become a financial bridge for this business ecosystem through settlements, trade finance, and documentary operations.
For the ABB Group, the transaction will be the first step within its geographical expansion strategy for 2026–2028. Upon its completion, the group's customer base will increase to approximately 5.5 million people, and its potential audience will grow from 10 to 50 million.