ABB Acquires 51% of Uzbekistan's Davr Bank for $140 Million

The International Bank of Azerbaijan (ABB) has acquired 51% of Uzbekistan's Davr Bank for about 1.65 trillion soums ($140 million), implying a valuation of the Uzbek bank's equity at approximately $280 million. This follows from the results of trading on the Tashkent Republican Stock Exchange.

The deal was carried out on September 10 through six consecutive trading operations. ABB acquired 51 million ordinary shares at a uniform 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 approximately 3.23 trillion soums, or about $280 million. Thus, the bank is valued at about 1.35 times its book value, based on a book value per share of 23,947.66 soums (about $2.03).

The valuation also reflects Davr Bank's recent financial results. According to audited financial statements, in 2025 the bank posted a net profit of 566.3 billion soums (about $48 million), up 54.4% from the previous year.

In the first half of 2026, Davr Bank's net profit amounted to 368.7 billion soums (about $31.3 million), according to data published on Uzbekistan's corporate information portal.

According to the bank's current financial metrics, earnings per share (EPS) stand at 7,022.60 soums (about $0.60), return on equity (ROE) is 29.3%, and return on assets (ROA) is 5.3%. At the transaction price, the P/E ratio was 4.6 and P/B was 1.35.

The deal is a significant cross-border banking transaction between Azerbaijan and Uzbekistan and ABB's first major step under the bank's 2026–2028 geographic expansion strategy, giving the Azerbaijani lender control over a participant in Uzbekistan's fast-growing banking market. Under the "ABB Davr" brand, the bank plans to introduce digital solutions, artificial intelligence-based technologies and new financial products for corporate and retail clients, with a particular focus on expanding opportunities for small and medium-sized businesses.

"It is a great honor for us that ABB Bank's first historic step in implementing its geographic expansion goals for the new strategic period took place in brotherly Uzbekistan. We view this project as the foundation of our long-term presence in Uzbekistan and intend to become a reliable financial partner for businesses, citizens and the national economy. Our goal is to create new opportunities, foster economic growth and contribute to further deepening the partnership between Azerbaijan and Uzbekistan," said Abbas Ibrahimov, chairman of the board of ABB Bank.