Azerbaijan's banking sector is taking a significant step beyond its borders. On 23 August, ABB Financial Group officially launched ABB Davr Bank in Tashkent, marking the group's entry into Uzbekistan's banking market. The ceremony, held with the online participation of Azerbaijani President Ilham Aliyev and Uzbek President Shavkat Mirziyoyev, underscored the growing economic ties between the two countries.
ABB completed the acquisition of a 51% controlling stake in Davr Bank, with the transaction registered on 10 September 2026 at the Tashkent Stock Exchange. The bank will now operate under the ABB DAVR brand as a universal bank, serving individuals, small and medium-sized enterprises, and corporate clients.
The expansion is a key element of ABB's 2026–2028 development strategy, which prioritises geographic diversification. For Azerbaijan, this move signals a maturing financial sector ready to compete internationally. For Uzbekistan, it brings a bank with a strong track record in digital innovation and a credit profile that outranks many local peers.
A stronger credit profile
ABB enters Uzbekistan with ratings that set it apart. S&P Global Ratings upgraded ABB's long-term credit rating from B to B+ with a stable outlook, citing potential support from ABB Financial Group. Fitch Ratings assigns ABB a BB+ rating, while Moody's rates it Ba1, both with stable outlooks. These ratings are notably higher than those of several leading Uzbek banks, which typically sit at BB on the Fitch scale and Ba2 on Moody's.
ABB's international ratings also exceed Uzbekistan's sovereign ratings (BB from Fitch, Ba2 from Moody's), giving the bank a competitive edge in a market where creditworthiness is a key differentiator.
Abbas Ibrahimov, Chairman of ABB's Management Board, outlined the ambition: “Our goal is to build one of Uzbekistan's leading modern private banks.” He added that the project expands Azerbaijan's financial brand and technological capabilities into a new market.
Why Uzbekistan?
Uzbekistan, with a population of nearly 40 million, is one of Central Asia's fastest-evolving banking markets. Economic liberalisation and rising digital adoption are reshaping consumer behaviour, creating opportunities for innovative financial services. The country's growth trajectory makes it an attractive destination for banks seeking scale.
The move also builds on existing business links. More than 470 companies with Azerbaijani capital operate in Uzbekistan, while over 130 Uzbek companies are active in Azerbaijan. ABB DAVR aims to serve as a financial bridge, offering settlement services, trade finance, and project financing to support this cross-border ecosystem.
Ibrahimov emphasised the broader vision: “As ABB Financial Group, we will now serve approximately 5.5 million customers, while expanding our potential reach from around 10 million to 50 million people. We are also taking abroad the knowledge, expertise, and solutions we have developed in Azerbaijan in recent years.”
This scale-up will allow ABB to invest further in technology and artificial intelligence, with digital solutions and AI models developed in Baku now able to create value for millions of customers across a wider geography.
Recognition and momentum
ABB's expansion comes on the back of international recognition. In 2025, The Banker named ABB “Bank of the Year” in Azerbaijan, praising its role in modernising the country's banking sector. In 2026, Global Finance and Euromoney also acknowledged ABB's progress, cementing its reputation as a regional leader.
The launch in Tashkent is part of a broader trend of Central Asian financial integration. As Uzbekistan's innovation ecosystem grows, foreign banks like ABB are positioning themselves to capitalise on new opportunities. The move also aligns with EU enlargement discussions that could eventually reshape trade and investment patterns across the wider European neighbourhood.
For now, ABB DAVR will operate primarily as a local bank, serving Uzbek customers and meeting their needs. But the long-term ambition is clear: to become one of the country's leading private banks, while exporting Azerbaijan's digital banking expertise to a new market in Asia.
