Azernews.Az

Qabil Ashirov

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Azerbaijan’s International Bank of Azerbaijan (ABB) is setting its sights on regional expansion, with Uzbekistan emerging as a key target market under its 2026–2028 strategic development plan, AzerNEWS reports.

ABB Chairman of the Management Board, Abbas Ibrahimov, stated that geographic expansion stands among the bank’s primary objectives for the coming years. As part of this strategy, ABB intends to enter Uzbekistan’s financial market.

Ibrahimov emphasized that the move is driven by several factors, including the deepening strategic partnership between Azerbaijan and Uzbekistan, as well as the latter’s favorable business environment and strong socio-economic prospects. With a population approaching 40 million, Uzbekistan offers significant growth potential—particularly due to its large and digitally inclined younger generation.

According to Ibrahimov, ABB’s entry into the Uzbek market would enable the bank to leverage its recent advancements in corporate governance, digital transformation, and artificial intelligence-based innovations. These capabilities, he noted, could be effectively deployed in a high-growth market like Uzbekistan, allowing ABB Financial Group to generate greater value while strengthening its regional and international standing.

The bank is reportedly considering acquiring a controlling stake in one of Uzbekistan’s private banks. Should shareholders approve the move, ABB will proceed with the necessary legal procedures in compliance with regulatory requirements.

Looking ahead, Ibrahimov added that ABB will continue to conduct market research to identify further opportunities for geographic expansion in line with its long-term strategy.