Starting from the second half of this year, ABB will enter the Uzbek market.
Modern.az reports that this was stated by Abbas Ibrahimov, Chairman of the Board of ABB, at a press conference on ABB's Sustainability Report.
He noted that ABB's negotiations regarding the acquisition of a controlling stake in one of the private banks in Uzbekistan have concluded positively.
According to the chairman, the bank in question is Davr Bank, one of Uzbekistan's private banks.
“We hope that all permission and formalization procedures will be completed in a short time. After that, ABB will operate in the Uzbek market under the name “ABB Davr Bank” starting from the second half of this year,” said the bank official.
He noted that negotiations were held with the current shareholder regarding the acquisition of a 51 percent controlling stake in “Davr Bank” by ABB.
“Currently, the relevant formalization processes are ongoing. After this, permission procedures will be carried out with both the relevant institutions and regulatory bodies of Azerbaijan, and the Uzbek side. Our goal is to complete all processes as quickly as possible and start operations in the second half of this year.”
The bank official noted that the bank's assets amount to approximately 1 billion dollars:
“The bank has more than 1.4 million customers, as well as 43 branches and service centers.”
The chairman stated that ABB held negotiations with a number of financial institutions and evaluated various business models to enter the Uzbek market.
“As a result, “Davr Bank” was considered more suitable based on several criteria.”
According to him, one of the main advantages is that the bank already has a formed and operational business model:
“The Uzbek market is developing rapidly. We aim to develop faster and create added value through a bank with a ready business model,” A. Ibrahimov noted.
