ABB Davr Bank project launched with participation of the Presidents of Azerbaijan and Uzbekistan

On August 23 in Tashkent, the ABB Davr Bank project was officially launched with the online participation of President of the Republic of Azerbaijan Ilham Aliyev and President of the Republic of Uzbekistan Shavkat Mirziyoyev. The launch took place as part of a ceremony marking the inauguration and groundbreaking of projects being implemented by Azerbaijan in Uzbekistan.

President of the Republic of Azerbaijan Ilham Aliyev, speaking at a joint press statement with the President of Uzbekistan, described the event as the entry of a leading Azerbaijani bank into the Uzbek market.

The project envisages ABB acquiring a controlling stake in Davr Bank, one of Uzbekistan’s commercial banks, and subsequently operating in the country under the ABB Davr Bank brand.

As previously reported, on August 22, during the 4th Uzbekistan–Azerbaijan Interregional Forum held in Tashkent, Abbas Ibrahimov, Chairman of the Management Board of ABB, and Lutfulla Ubayev, founder and Chairman of the Supervisory Board of Davr Bank, signed an agreement on ABB’s acquisition of a controlling stake in Davr Bank.

The signing marked the launch of the project and ABB’s entry into Uzbekistan’s financial market, in line with the geographic expansion objectives set out in the Bank’s 2026–2028 Strategic Development Plan.

Operating under the ABB Davr Bank brand, the Bank will provide universal financial services to corporate and retail customers across all regions of Uzbekistan. ABB Financial Group will bring to the Uzbek market its proven corporate governance framework, expertise in digital transformation, innovative artificial intelligence-based solutions, and comprehensive financial services for small and medium-sized businesses.

With a population of nearly 40 million and an economy demonstrating sustained and rapid growth, Uzbekistan offers significant opportunities for the development of new banking practices and solutions. ABB Davr Bank will seek to contribute to this development, with a particular focus on creating additional opportunities for the country’s small and medium-sized enterprises.

A focused presence in the Uzbek market will also open up significant new opportunities for ABB, further strengthening the regional and international standing of ABB Financial Group as a well-established Azerbaijani brand.

Abbas Ibrahimov, Chairman of the Management Board of ABB, expressed his gratitude to the Presidents of Azerbaijan and Uzbekistan, as well as to the relevant government authorities that supported the process, for creating the conditions for ABB’s entry into the Uzbek market: “It is a great honour for us that the first historic step towards ABB’s geographic expansion objective for its new strategic period has been taken in brotherly Uzbekistan.

We view this project as the beginning of our long-term presence in Uzbekistan and aspire to become a trusted financial partner for businesses, individuals and the country’s economy. Our ambition is to create new opportunities, support economic development and contribute to the further strengthening of cooperation between Azerbaijan and Uzbekistan.”

Lutfulla Ubayev, founder and Chairman of the Supervisory Board of Davr Bank, said: “With this transaction, we are taking banking services to a qualitatively new level. The expertise, innovative technologies and strong capital base of our new partner will enable Davr Bank to offer advanced financial products to its customers in the shortest possible time. This partnership will provide our Bank with even greater stability and create the foundation for a major technological leap forward.”

Detailed information about ABB’s modern, useful and universal products and services is available at the Bank’s branches and service offices, on its official website at abb-bank.az, through the 937 Information Centre, and via the Bank’s official social media channels.