ABB Bank Completes Acquisition of a Controlling Stake in Davr Bank

Baku, September 14, 2026 - ABB Financial Group has successfully completed the acquisition of a controlling stake in Davr Bank, a commercial bank operating in Uzbekistan. The transaction was registered on 10 September 2026 at the Tashkent Stock Exchange.

Under the terms of the agreement, ABB Bank acquired 51 million ordinary shares of Davr Bank, representing a 51% ownership stake in the bank. The total value of the transaction amounted to 1.646 trillion soums (approximately USD 140 million).

Following the completion of the transaction, Davr Bank will commence operations in the Uzbekistan market under the “ABB Davr” brand as a universal bank, providing a wide range of banking services to individuals, small and medium-sized enterprises, as well as corporate clients.

Currently, Davr Bank serves more than 2 million customers, employs over 1,800 people, and operates 43 branches and service centers across the capital and regions. The bank's total assets exceed USD 2 billion equivalent. Davr Bank maintains a strong position, particularly in financing small and medium-sized enterprises.

The official opening ceremony of the “ABB Davr Bank” project was held on 23 August 2026 during the state visit of the President of the Republic of Azerbaijan Ilham Aliyev to Uzbekistan, with the participation of the Presidents of Azerbaijan and Uzbekistan.

ABB Financial Group's strategic vision for the Uzbekistan market is outlined in an interview with ABB Bank's Chairman of the Management Board Abbas Ibrahimov.

Following ABB Bank's acquisition of a controlling stake in Davr Bank, the bank's international ratings have also started to improve.

The international rating agency S&P Global Ratings upgraded Davr Bank's long-term credit rating from B to B+. The bank's rating outlook was assessed as “Stable”. In its report, the agency noted that, if required, Davr Bank could receive strong support from ABB Financial Group, which has a higher credit rating profile.

According to S&P experts, over the next year Davr Bank will continue focusing primarily on retail banking and financing small and medium-sized enterprises. These segments will remain the bank's key business areas and will support further growth.

At the same time, becoming part of ABB Financial Group will create additional opportunities for Davr Bank, including cooperation with Azerbaijani- and Turkish-capital companies operating in Uzbekistan, as well as integration with ABB Bank's international money transfer services.

These factors support the maintenance of a “Stable” rating outlook. Davr Bank's strong capital position and asset quality also contribute to this assessment. According to S&P's expectations, Davr Bank's liquidity position will remain adequate, while the bank will continue to have access to financing from international financial institutions.

S&P Global Ratings noted that Davr Bank represents approximately 10%–12% of ABB Financial Group's total assets following the acquisition. The agency also highlighted that ABB Bank's acquisition of a controlling stake in Davr Bank aligns with ABB Financial Group's strategic objective of expanding its geographic presence during the next phase of development.

A photo accompanying this announcement is available at: ABB Bank Completes Acquisition of a Controlling Stake in Davr Bank