International Bank of Azerbaijan closes acquisition of 51% of Uzbekistan's Davr Bank for $140 mln

TASHKENT. Sept 10 (Interfax) - International Bank of Azerbaijan (ABB) has completed the acquisition of a 51% stake in Uzbekistan's Davr Bank for 1.65 trillion sum or $139.8 million at the current rate.

ABB bought 51 million ordinary shares in Davr Bank for 32,281.28 sum per share, according to information on the Tashkent Stock Exchange's website,

The transaction was carried put in six consecutive trades on the exchange.

ABB signed an agreement to acquire 51% of Davr Bank on August 23. Abbas Ibrahimov, the CEO of ABB, had said investment in acquiring the bank in Uzbekistan would exceed $100 million.

ABB plans to begin operations in the Uzbek banking market under the ABB Davr Bank brand in October Ibrahimov said on September 3.

Davr Bank has been operating since September 2001. Its assets are approximately $1 billion.

Bank ABB, Azerbaijan's biggest lender, was established in 1992. The state owns 92.2%. The bank currently has subsidiaries in Russia and Georgia.