GRATA International provides comprehensive legal support for ABB’s acquisition of a 51% stake in Davr Bank in a deal valued at approximately $140 million
The Tashkent office of GRATA International provided comprehensive legal support to the transaction under which the International Bank of Azerbaijan (ABB) acquired a 51% stake in Uzbek private joint-stock commercial bank Davr Bank.
The transaction represents a significant development for Uzbekistan’s banking sector and marks the entry of one of Azerbaijan’s leading banks into the Uzbek market. ABB is the largest state-owned bank in Azerbaijan, and the acquisition of a controlling stake in Davr Bank forms part of ABB’s geographic expansion strategy for 2026-2028.
The transaction was closed on 10 September 2026 at the Republican Stock Exchange “Toshkent”. As part of the transaction, ABB acquired 51 million ordinary shares, representing 51% of Davr Bank’s shares, at a single price of UZS 32,281.28 per share. The total transaction value amounted to UZS 1.646 trillion (approximately USD 140 million).
The closing of the transaction was preceded by a number of key milestones. In May 2026, ABB announced that an agreement had been reached regarding the acquisition of a 51% stake in Davr Bank, with the initial investment expected to exceed USD 100 million. In June, the shareholders of Davr Bank unanimously approved the continuation of negotiations, the agreement on the principal terms of the transaction, and the implementation of the necessary corporate, legal, financial and regulatory procedures. At the same time, the parties agreed to consider granting ABB an option to acquire an additional stake of up to 23% in the bank.
On 22 August 2026, during the IV Uzbekistan–Azerbaijan Interregional Forum in Tashkent, Abbas Ibrahimov, Chairman of the Board of ABB, and Lutfulla Ubaev, Founder and Chairman of the Supervisory Board of Davr Bank, signed an agreement for the acquisition of a controlling stake in the bank. On 23 August, the ABB Davr project was officially presented during a joint online ceremony attended by Shavkat Mirziyoyev, President of the Republic of Uzbekistan, and Ilham Aliyev, President of the Republic of Azerbaijan.
Following the transaction, Davr Bank will continue its operations in the Uzbek market under the ABB Davr brand. The bank plans to provide universal financial services to corporate and retail clients across all regions of Uzbekistan, with a particular focus on digital solutions, artificial intelligence-based technologies, the development of small and medium-sized businesses, and modern banking products.
Legal support
GRATA International provided comprehensive legal support throughout all key stages of the transaction - from transaction structuring and preparation of the required contractual and corporate documentation to the implementation of legal and regulatory procedures and the closing of the transaction at the stock exchange.
As part of the project, the GRATA team advised on a broad range of legal matters related to the acquisition of the controlling stake in Davr Bank, including the preparation and negotiation of transaction documentation, corporate matters, regulatory engagement, as well as legal support for the final stage of the transaction and the transfer of title to the shares.
The project was led by the BIF team of GRATA International’s Tashkent office, comprising Atabek Sharipov (Partner, Head of Practice) and Shakhzod Alimkhodjaev (Senior Associate).
We thank all parties involved in the project for their trust and for the opportunity to contribute to a transaction of importance to the further development of banking and investment cooperation between Uzbekistan and Azerbaijan.
Uzbekistan | Banking & Finance | Corporate/M&A | Capital Markets