"Our goal is to build one of the leading modern private banks in Uzbekistan" – Chairman of the Board of ABB on the bank's entry into the Uzbek market
ABB’s entry into the Uzbek market is an important milestone in the international strategy of this Azerbaijani financial group.
"Our goal is to build one of the leading modern private banks in Uzbekistan" – Chairman of the Board of ABB on the bank's entry into the Uzbek market
ABB's entry into the Uzbek market is an important milestone in the international strategy of this Azerbaijani financial group. After the legal processes are completed, "Davr Bank" will begin transitioning to the "ABB Davr" brand; the launch of this brand's activities is planned as early as October of this year. Abbas Ibrahimov, Chairman of the Board of ABB, spoke about the first steps of the new bank, priority areas in digitalization and artificial intelligence, plans to support small and medium-sized businesses, and goals aimed at building one of the leading private banks in Uzbekistan.
- On August 23, the ABB Davr project was officially launched with the participation of the presidents of Azerbaijan and Uzbekistan. Now, many are interested in the main question: when will the bank start operating under the ABB Davr brand?
- Yes, August 23 became a historic day for us. The ABB Davr project was officially launched with the participation of the President of the Republic of Azerbaijan, Mr. Ilham Aliyev, and the President of the Republic of Uzbekistan, Mr. Shavkat Mirziyoyev. The President of Azerbaijan described this event as the entry of a leading Azerbaijani bank into the Uzbek market. For us, this is both a source of great pride and a great responsibility.
We express our gratitude to the presidents of Azerbaijan and Uzbekistan for the high level of support shown to this project. We would also like to thank the state structures of both countries that assisted us at all stages of the project's implementation - the central banks, the Ministry of Economy of the Republic of Azerbaijan, the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan, as well as the Committee for Competition Promotion and Consumer Protection of the Republic of Uzbekistan.
Before the official launch of the project, all necessary permits were obtained, and the share purchase and sale agreement has already been signed. In the next stage, in accordance with the procedures provided for by legislation and the agreement, the legal transfer of rights to the shares will be carried out, and relevant changes will be made to the register of shareholders. After this process is completed, ABB will become the majority shareholder of Davr Bank. We expect this process to be completed within the next 7–10 days.
Work under the ABB Davr brand will begin immediately after the completion of official procedures related to changing the bank's name. I think we will see the ABB Davr brand around October.