Azerbaijan's Economy Minister Mikayil Jabbarov, speaking at the IV Forum of Regions of Uzbekistan and Azerbaijan in Tashkent, announced that ABB, the largest bank in Azerbaijan and the South Caucasus, is entering the Uzbekistan market through a partnership and acquisition of a stake in Davr Bank.
"Today, an agreement will be signed with ABB, the largest bank in Azerbaijan and the entire South Caucasus region, which marks the bank's entry into the Uzbekistan market through a partnership and acquisition of a stake in Davr Bank," said Jabbarov.
The minister expressed gratitude to Uzbekistan's President Shavkat Mirziyoyev, the regulator, the Central Bank, and the government for creating a favorable investment environment and supporting the project's implementation.
"Taking this opportunity, I would like to express gratitude to the esteemed Shavkat Miromonovich, the regulator, the Central Bank, and the government for creating an overall comfortable investment environment and directly for supporting the implementation of this project," noted Jabbarov.
The minister did not disclose details of the upcoming agreement.
ABB (International Bank of Azerbaijan) is the largest universal bank in Azerbaijan and a leading financial institution in the South Caucasus region. Founded in 1992 as a state entity, the bank holds leading positions in assets, loan portfolio, and deposit base in the country, and also handles a significant share of Azerbaijan's international acquiring and settlement and cash operations.
Davr Bank is a private commercial bank in Uzbekistan, founded in 2001 in Tashkent. The financial institution specializes in serving small and medium-sized businesses, retail banking, microcredit, and developing a network of branches and expert centers in the regions of the country.
