Azerbaijan's biggest bank enters Uzbek market with Davr Bank acquisition

Azerbaijan’s leading financial institution, the International Bank of Azerbaijan (IBA), announced the acquisition of a 51 percent controlling stake in Uzbekistan’s Davr Bank for €86 million. The transaction, which was finalized this week, marks IBA’s most significant foreign investment to date and is aimed at expanding its corporate banking footprint in Central Asia. The deal was approved by the relevant banking regulators in both Azerbaijan and Uzbekistan, and the purchase price reflects a premium that underscores IBA’s confidence in the growth prospects of the Uzbek market.

The acquisition is expected to enhance IBA’s ability to offer a broader range of corporate financing services, including trade finance, cash management, and cross‑border lending, to businesses operating between the two countries. By integrating Davr Bank’s existing network and client base, IBA plans to leverage synergies that could boost regional trade and attract new corporate clients. The move aligns with IBA’s strategic objective of diversifying its operations beyond domestic markets while strengthening economic ties between Azerbaijan and Uzbekistan.