Davr Bank renamed ABB Davr Bank as management is restructured

The management of Uzbekistan's Davr Bank, in which Azerbaijan International Bank (ABB) OJSC holds a 51% stake, has been restructured.

According to Report, citing Uzbek media, the decision was adopted at an extraordinary general meeting of the local bank's shareholders.

The shareholders approved changing the bank's name from Davr Bank to ABB Davr Bank and prematurely terminated the powers of the current Supervisory Board.

Bank founder Lutfulla Ubayev, as well as Mirkodir Mirzayatov, Atkham Alimov, Ozoda Abdurakhmanova and Shavkat Giyasov, were removed from the Supervisory Board.

They were replaced by Taleh Tahirli and Agshin Amirov, deputy chairmen of ABB's Management Board, as well as Shafag Hasanova, Said Abdunabiyev and Farkhod Roziyev as independent members.

Ubayev will continue to attend Supervisory Board meetings as an observer without voting rights. Before ABB took control of the bank, he owned 46.9% of its shares, while his current stake stands at 25.5%.

The shareholders also dismissed Ravshan Tojiyev, deputy chairman of the Management Board, and Alisher Gurbanov, acting deputy chairman.

They were replaced by Aynur Suleymanli, ABB's chief executive officer, and Heybat Gadirov, adviser to the chairman of the Management Board.

Abdumajid Samadov will chair the Management Board. Its members will also include Samarjon Nazarov and Nadir Khalilov, director of the bank's Risk Management Department.