The Azerbaijani bank ABB launched its ABB Davr project in Tashkent on August 23, 2026. ABB announced this following a joint online ceremony attended by the President of Uzbekistan, Shavkat Mirziyoyev, and the President of Azerbaijan, Ilham Aliyev.
This project involves acquiring a controlling share in the Uzbek Davr Bank, which will operate in the country under the new brand ABB Davr. The virtual launch took place as part of an event dedicated to the opening and commencement of Azerbaijan's projects in Uzbekistan. President Aliyev emphasized that this represents a significant entry of one of Azerbaijan's leading banks into the Uzbek market.
The acquisition agreement was signed on August 22, 2026, between ABB Board Chairman Abbas Ibragimov and Davr Bank shareholder, Supervisory Board Chairman Lutfulla Ubayev, during the IV Uzbekistan-Azerbaijan Interregional Forum in Tashkent. All necessary regulatory approvals have been obtained, the relevant agreements signed, and final completion is subject to financial settlement.
The expansion aligns with ABB's strategic development plan for the period 2026–2028. Under the ABB Davr brand, the bank intends to provide financial services to both corporate and retail clients across all regions of Uzbekistan. The financial group plans to implement its corporate governance practices, digital transformation tools, and artificial intelligence-based solutions, paying special attention to comprehensive services for small and medium-sized enterprises.
Ibragimov characterized this initiative as the beginning of the group's long-term activities in Uzbekistan, aimed at establishing the bank as a financial partner for local residents and businesses, as well as supporting bilateral economic ties. Ubayev noted that the deal will allow Davr Bank to raise service standards by utilizing ABB's capital and technology to introduce modern financial products.