BAKU, Azerbaijan, August 24. The ABB Davr Bank project was launched in Tashkent on Aug. 23 with the participation of President of the Republic of Azerbaijan Ilham Aliyev and President of Uzbekistan Shavkat Mirziyoyev via video link. The launch took place as part of a ceremony marking the inauguration and groundbreaking of projects implemented by Azerbaijan in Uzbekistan.
In a joint statement to the press with the Uzbek president, Ilham Aliyev described the event as the entry of a leading Azerbaijani bank into the Uzbek market.
Under the project, ABB will acquire a controlling stake in Davr Bank, a commercial bank in Uzbekistan, which will operate in the country's market under the name ABB Davr Bank.
On Aug. 22, during the fourth Uzbekistan-Azerbaijan Interregional Forum in Tashkent, ABB Chairman of the Management Board Abbas Ibrahimov and Davr Bank founder and Chairman of the Supervisory Board Lutfulla Ubayev signed a memorandum of understanding on ABB's acquisition of a controlling stake in Davr Bank.
The project has now been launched, with ABB entering Uzbekistan's financial market in line with its geographic expansion target outlined in its 2026-2028 strategic development plan.
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 plans to introduce its established corporate governance practices, digitalization and AI-based innovative projects, as well as universal financial solutions for small and medium-sized businesses, in the Uzbek market.
With a population of nearly 40 million and a rapidly growing economy, Uzbekistan is expected to provide opportunities for new approaches in the banking sector, particularly by creating additional opportunities for the development of small and medium-sized businesses.
The Uzbek market is also expected to create significant opportunities for ABB. The expansion will further strengthen the regional and international profile of ABB Financial Group, a well-known Azerbaijani brand.
ABB Chairman of the Management Board Abbas Ibrahimov thanked the presidents of Azerbaijan and Uzbekistan, as well as the relevant government agencies that supported the process, for creating the conditions for ABB's entry into the Uzbek market.
"It is a great honor for us that the first historic step toward ABB's geographic expansion target in its new strategic period has begun precisely in brotherly Uzbekistan.
"We view this project as the beginning of our long-term operations in Uzbekistan. We want to be a reliable financial partner for businesses, citizens and the country's economy. Our intention is to create new opportunities, support the economy and contribute to the further development of cooperation between Azerbaijan and Uzbekistan," he said.
Davr Bank founder and Chairman of the Supervisory Board Lutfulla Ubayev said:
"With this deal, we are taking banking services to a qualitatively new level. The experience, innovative technologies and strong capital of our new partner will enable Davr Bank to offer advanced financial products to its customers in the shortest possible time. This partnership will ensure greater stability and a strong technological leap for our bank," he said.
Detailed information about ABB's modern, useful and universal products and services can be obtained from the Bank's branches and departments, the official website https://abb-bank.az/, the Information Center at number 937, and the official social network pages.
