Azerbaijan's ABB acquires 51% of Uzbekistan's Davr Bank for about $140 million

International Bank of Azerbaijan (ABB) has acquired a 51% stake in Uzbekistan's Davr Bank. The deal is worth 1.646 trillion soums, or about $140 million.

The purchase gives the Azerbaijani bank a controlling stake in the Uzbek lender. That is more than half of Davr Bank's shares, so ABB now holds the largest single position in the bank.

ABB is Azerbaijan's international bank. Davr Bank is a lender based in Uzbekistan. The stake was bought for a sum stated in Uzbek soums and equal to roughly $140 million at the reported rate.

The figure comes from the Telegram channel @davletovuz. No further terms of the deal were given in the source.