ABB enters Uzbekistan through Davr Bank acquisition in digital expansion

Azerbaijan's ABB Financial Group has entered the banking market in Uzbekistan through the acquisition of Davr Bank, Euronews reported. The official launch of the ABB Davr Bank project took place in Tashkent. President of Azerbaijan Ilham Aliyev and President of Uzbekistan Shavkat Mirziyoyev participated online in the event, according to Euronews. [1]

Euronews reported that the move reflects how regional financial institutions are accelerating digital banking growth across Central Asia and emerging markets. Azerbaijani banking sector expansion is shifting from strategy to reality as regional banks scale beyond their borders. [1]

Shavkat Mirziyoyev has served as president of Uzbekistan since 2016 and has pursued foreign investment reforms and economic liberalization. The country achieved real gross domestic product growth of 6.5 percent in 2024. Ilham Aliyev has served as the president of Azerbaijan since October 2003, as FTMQ News reported earlier. [5][6][8]

The project expands Azerbaijan's digital banking expertise into a new Asian market. Euronews reported that the international launch on August 23 opened a new chapter for the financial sector in Azerbaijan. [1]