Tashkent: ABB Financial Group has successfully completed the acquisition of a controlling stake in Davr Bank, a commercial bank operating in Uzbekistan, with the transaction being registered on September 10 at the Tashkent Stock Exchange.

According to BERNAMA News Agency, ABB Bank acquired 51 million ordinary shares of Davr Bank, representing a 51 percent ownership stake valued at approximately US$140 million. This acquisition will see Davr Bank rebranding and commencing operations under the 'ABB Davr' name as a universal bank, which will offer banking services to individuals, small and medium-sized enterprises (SMEs), and corporate clients in Uzbekistan.

Davr Bank currently serves more than two million customers, employs over 1,800 people, and operates 43 branches and service centers across the capital and various regions. The bank's total assets exceed US$2 billion, maintaining a strong position particularly in financing SMEs. The rebranding announcement was made at an official opening ceremony on August 23 during the state visit of Azerbaijan President Ilham Aliyev to Uzbekistan, attended by the presidents of both Azerbaijan and Uzbekistan.

Following the acquisition, Davr Bank's long-term credit rating was upgraded from B to B+ by SandP Global Ratings, with the outlook marked as 'Stable'. SandP Global Ratings noted that Davr Bank would benefit from potential strong support from ABB Financial Group, which holds a higher credit rating profile.

Becoming part of ABB Financial Group is expected to open up additional opportunities for Davr Bank, including partnerships with Azerbaijani- and Turkish-capital companies operating in Uzbekistan, and integration with ABB Bank's international money transfer services. The acquisition aligns with ABB Financial Group's strategic objective of expanding its geographic presence in its next phase of development.