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.