The International Bank of Azerbaijan (ABB) has completed a deal to acquire a stake in the private Uzbek Davr Bank. The official announcement took place during the Azerbaijani president’s state visit to Tashkent.
What happened
The deal’s closure was announced on August 23 during a presentation of joint investment projects to the leaders of both countries. As reported by Spot.uz, Azerbaijan’s Economy Minister Mikayil Jabbarov confirmed the signing of the agreement, marking the bank’s entry into the Uzbek market.
Current official statements do not disclose the exact size of the acquired stake or the final amount.
The deal participants
ABB is Azerbaijan’s largest state-owned bank. Davr Bank has operated in Uzbekistan since 2001. Until now, it was a private commercial bank, with its largest stake (46.9%) held by Lutfulla Ubaev, chairman of the supervisory board.
Finteqstan previously reported that Azerbaijan's ABB discussed buying 51% of Uzbekistan's Davr Bank at the regulator level. In the spring of 2026, talks centered on acquiring a controlling stake for $100 million. In June, the Uzbek bank’s shareholders officially approved continuing these negotiations.
Why it matters
The deal became one of the key financial agreements amid broader efforts by Uzbekistan and Azerbaijan to expand economic cooperation.
Buying an active player gives the Azerbaijani financial group ready-made infrastructure to integrate into Uzbekistan’s banking sector.
