Azerbaijan’s ABB bank weighs $300-500 million Eurobond issue

Azerbaijan’s largest bank by assets, ABB, is "studying the market" in preparation for a $300 million to $500 million Eurobond issue this year, its chairman Abbas Ibrahimov said.

ABB plans to hold a roadshow after assessing market conditions, Ibrahimov told a press conference on the bank’s annual results. He said the bonds could be listed in London, Ireland or the U.S.

The state-owned lender raised about $230 million through a syndicated loan from financial institutions in Gulf countries in April and expects to further expand its international funding, Ibrahimov said.

Proceeds from a Eurobond placement would be used to finance large corporate clients, support the bank’s existing customer base and develop regional projects, including in Uzbekistan, he said.

ABB plans to start operations in Uzbekistan in the second half of 2026 after acquiring a 51% stake in local lender Davr Bank, Ibrahimov said.

“We hope the approval and registration procedures will be completed quickly. Azerbaijan’s international banking brand will be represented in Uzbekistan under the name ABB Davr Bank,” he said.

The deal requires approval from regulators in both countries.

Davr Bank has assets of about $1 billion, more than 1.4 million customers and 43 branches and business centres, Ibrahimov said. He said ABB’s investment would exceed $100 million.

ABB, established in 1992, serves corporate and retail clients. Its assets stood at 14.31 billion manats ($8.42 billion) at the end of the first quarter of 2026. It reported 2025 net profit of 404.5 million manats, up 12.4% on the previous year.

The bank has a broad branch network in Azerbaijan and an international presence, including a subsidiary in Russia and an entity in Georgia.