Azerbaijan’s International Bank of Azerbaijan completed a purchase valued at about $140 million for a majority stake in Uzbekistan’s Davr Bank, giving the lender a foothold in a new market.
The transaction involved 51 million ordinary shares, equal to 51% of Davr Bank’s capital, and was registered with the Tashkent Stock Exchange on Sept. 10, 2026, ABB said. The price was 1.646 trillion Uzbek soums, the bank said.
ABB described the investment as part of its 2026–28 geographic expansion plans. The project was launched in Tashkent on Aug. 23, after ABB and Davr Bank signed the acquisition agreement on Aug. 22. The presidents of Azerbaijan and Uzbekistan took part in the launch online, ABB said.
ABB says it intends to bring digital transformation expertise, artificial intelligence-based solutions and financial services for small and medium-sized businesses to Uzbekistan. It plans for Davr Bank to serve retail, small-business and corporate customers. ABB Chairman of the Management Board Abbas Ibrahimov called the project “the beginning of our long-term presence in Uzbekistan.”
The acquisition was followed by a credit-rating upgrade. S&P Global Ratings raised Davr Bank’s long-term issuer credit rating to B+ from B on Sept. 10, affirmed its short-term rating at B and assigned a stable outlook. The agency described Davr Bank as a moderately strategic ABB subsidiary and said it could receive extraordinary support from ABB if needed.
S&P said the extent of operational integration between the banks had not been determined. It expects Davr Bank to develop a new growth strategy before the end of 2026 and forecasts loan-book growth of 20% to 25% in 2026, then 30% to 35% in 2027 and 2028. The agency said integration could result in changes in loan reclassification and higher provisioning needs.
