International Bank of Azerbaijan acquired 51 percent of Davr Bank shares

International Bank of Azerbaijan acquired 51 percent of Davr Bank shares

The International Bank of Azerbaijan (ABB) has acquired a controlling stake, namely 51 percent, of Davr Bank shares for 1 trillion 646 billion soums, approximately 140 million dollars. Spot reported this, citing data from the "Tashkent" Republican Stock Exchange.

According to the stock exchange data, the transaction was completed on September 10 in the form of six consecutive transactions. ABB purchased a total of 51 million ordinary shares at a single price of 32,281.28 soums per security.

It became known in May 2024 that the Azerbaijani bank ABB intended to acquire a 51 percent stake in Davr Bank. On August 23, it was announced that the International Bank of Azerbaijan had completed the process of acquiring the stake in Davr Bank.

According to the Unified State Register of Enterprises and Organizations, the private joint-stock commercial bank Davr Bank was state-registered on September 29, 2001, and its authorized capital is 500 billion soums.

The International Bank of Azerbaijan — ABB began its operations as a joint-stock commercial bank on January 10, 1992. The bank's head office is located in Baku, and it is considered one of the largest banks in the South Caucasus region.