BAKU, Azerbaijan, May 8. In the second half of
this year, ABB plans to acquire Uzbekistan’s Davr Bank and begin
operations in that country’s market, Chairman of the Board of the
International Bank of Azerbaijan, Abbas Ibrahimov said, Trend reports.
He made the announcement today at a press conference dedicated
to the bank’s sustainability report.
According to him, negotiations to acquire a controlling stake in
a private bank in the Uzbek market have been successfully
concluded:
“The bank in which we intend to acquire a controlling stake is
one of Uzbekistan’s private banks, and its name is Davr Bank.” We
hope that we will be able to quickly complete the process of
obtaining permits and finalizing the paperwork, and that our
international banking brand, ABB, will begin operating in the Uzbek
market under the name ‘ABB Davr Bank’ as early as the second half
of this year.”
The International Bank of Azerbaijan (IBA) commenced operations
as a fully joint-stock commercial bank on January 10, 1992. The
Bank’s Head Office is situated in Baku. Currently, IBA ranks among
the leading banks in the South Caucasus region in terms of assets,
client base, and the scope of international operations.
Operating through 78 branches and 9 representative offices
across various regions of Azerbaijan, the Bank provides
comprehensive banking services to both individual and corporate
clients. IBA serves over 43,000 corporate clients and more than 3
million individual clients. The Bank employs a workforce exceeding
4,000 professionals.
