The International Bank of Azerbaijan (ABB) has paid for a controlling stake in Uzbekistan’s Davr Bank. Settlement took place on September 10 on the Tashkent Republican Stock Exchange: 1.646 trillion soums, or about $140 million, for 51% of the shares. When announcing the acquisition in May, ABB cited a figure of over $100 million.
According to the exchange, the transaction occurred as a series of six trades. ABB bought 51 million ordinary shares at a single price of 32,281.28 soums per share, Spot.uz reports. This followed the resumption of trading in Davr Bank shares in late August—the stock returned to the quotation list after a five-and-a-half-year break.
The deal was announced twice but remained open until September 10. In June, the acquisition was discussed at the regulator level. The parties signed the agreement on August 22, and the next day the “ABB Davr Bank” project launched with the participation of the presidents of Azerbaijan and Uzbekistan. In its own statement on August 27, ABB clarified that closing depended only on final settlement: all approvals were secured and agreements signed. Settlement occurred on September 10—before that, there was no actual transfer of shares or final amount.
Davr Bank has operated in the Uzbekistan market since 2001. Before the foreign investor arrived, the main owner was Lutfulla Ubaev, chairman of the bank’s supervisory board, with a 46.9% stake.
The entry of Azerbaijan’s largest state bank into Uzbekistan through the purchase of an established player confirms foreign capital’s interest in the local market amid its transformation.
