Azerbaijan’s international bank plans entry into Uzbekistan market

The International Bank of Azerbaijan OJSC (ABB) is planning to acquire a controlling stake in one of Uzbekistan’s private banks, Abbas Ibrahimov, the chairman of ABB Board, has stated.

He said that one of the key objectives of ABB’s 2026–2028 development strategy is geographic expansion, Caliber.Az reports, citing local media.

“In this context, we intend to enter the financial market of Uzbekistan. The bank in which we plan to acquire a controlling stake is one of Uzbekistan’s private banks. If our shareholders make a positive decision, we will begin legal procedures in accordance with legislative requirements,” Ibrahimov noted.

He added that, in line with its strategy, ABB will continue conducting market research aimed at expanding the geographic reach of its banking group.

The issue is included on the agenda of ABB’s upcoming general shareholders’ meeting scheduled for May 7.

Founded in 1992, ABB is the largest bank in Azerbaijan by assets.

It currently operates subsidiary banks in Russia and Georgia.

By Bakhtiyar Abbasov