BAKU, Azerbaijan, September 10. Azerbaijan’s International Bank (ABB) has acquired a 51% controlling stake in Uzbekistan’s Davr Bank for about 1.65 trillion soums ($140 million), implying an equity valuation of roughly $280 million for the Uzbek lender.
This was reflected in the trade results on the Tashkent Republican Stock Exchange.
According to the information, the transaction was executed on September 10 through six consecutive trades on the Tashkent Republican Stock Exchange. ABB purchased 51 million ordinary shares at a single price of 32,281.28 soums (about $2,74) per share.
Based on the transaction price, Davr Bank’s total equity value is estimated at about 3.23 trillion soums, or approximately $280 million. The implied valuation is about 1.35 times the bank’s book value, based on a book value per share of 23,947.66 soums (around $2,03).
The valuation also reflects Davr Bank’s recent profitability. Davr Bank reported net profit of 566.3 billion soums (about $48 million) in 2025, up 54.4% from the previous year, according to its audited financial statements.
Davr Bank reported net profit of 368.7 billion soums (about $31.3 million) in the first half of 2026, according to data published on Uzbekistan's corporate information portal.
The bank’s trailing financial indicators show earnings per share of 7,022.60 soums (around $0,60), return on equity of 29.3% and return on assets of 5.3%. At the transaction price, its price-to-earnings ratio stood at 4.6, while its price-to-book ratio was 1.35.
The acquisition gives ABB a controlling position in an Uzbek bank at a time when the country’s financial sector continues to attract foreign strategic investors. The deal also marks a significant cross-border banking transaction between Azerbaijan and Uzbekistan.
The transaction also represents ABB Bank’s first major step in its geographic expansion strategy for 2026–2028, giving the Azerbaijani lender a controlling presence in Uzbekistan’s rapidly growing banking market. Under the “ABB Davr” brand, the bank plans to introduce digital solutions, AI-driven technologies, and new financial products for corporate and retail customers, with a particular focus on expanding opportunities for small and medium-sized enterprises.
"It is a great honor for us that ABB Bank’s first historic milestone toward achieving our geographic expansion goals for the new strategic period has taken place in brotherly Uzbekistan. We view this project as the foundation of our long-term presence in Uzbekistan and are committed to becoming a reliable financial partner for businesses, citizens, and the national economy. Our objective is to create new opportunities, bolster economic growth, and contribute to the deepening partnership between Azerbaijan and Uzbekistan," Abbas Ibrahimov, Chairman of the Management Board of ABB Bank, expressed his appreciation to the Presidents of Azerbaijan and Uzbekistan, as well as the relevant state authorities, for their support in facilitating ABB Bank’s entry into the country.
