BAKU, Azerbaijan, October 5. KPMG was pleased to have supported ABB Bank (International Bank of Azerbaijan) on its acquisition of a 51% stake in Davr Bank, one of Uzbekistan’s growing commercial banks.
This was announced in a statement by the press service of KPMG.
The transaction marked an important step in ABB Bank’s geographic expansion strategy and further strengthened economic and financial ties between Azerbaijan and Uzbekistan.
"Working alongside ABB Bank’s legal, finance and business teams, KPMG supported key phases of the transaction by providing market research, due diligence, transaction support and legal advisory services. KPMG’s multidisciplinary team assisted with target bank screening and market research, financial, tax, legal, IT and compliance due diligence, transaction structuring and negotiations, review of transaction documentation, as well as assistance with obtaining the required regulatory approvals," the information says.
Meanwhile, it was noted that the project reflects the multidisciplinary nature of cross-border transactions in the financial services sector, bringing together professionals from KPMG’s Investments and Capital Markets, Legal, Tax, Technology, and Risk practices.
"KPMG was proud to have contributed to this large-scale investment and extended its gratitude to the ABB Bank team, Davr Bank’s shareholders and management, and all other stakeholders for their professionalism, collaboration, and commitment throughout the transaction process," the information notes.
To note, the transaction between ABB Financial Group and Davr Bank was registered on September 10 on the Tashkent Stock Exchange. The total value of the transaction was 1.646 trillion som, or approximately $140 million. Under the agreement, ABB acquired 51 million common shares of Davr Bank, gaining a 51% stake in the bank’s capital.
The transaction is viewed as an important step toward ABB’s entry into the Uzbek market. In the near future, the bank will operate in Uzbekistan as a universal bank under the “ABB Davr” brand and provide banking services to retail customers, small and medium-sized businesses, as well as large corporate clients.
Currently, Davr Bank serves more than 2 million customers, employs over 1,800 staff members, and operates 43 branches and service centers. The bank’s assets exceed 2 billion manat ($1.1 billion), and it is actively engaged in financing, particularly for small and medium-sized businesses.
