“Azerbaijan International Bank” OJSC (ABB) has reconstituted the management of Uzbekistan’s “Davr Bank”, in which it holds a controlling 51% stake.
“Elchi” reports, citing the Uzbek press, that the decision was made at an extraordinary general meeting of the local bank’s shareholders.
Thus, the shareholders approved the renaming of “Davr Bank” to “ABB Davr Bank” and terminated the powers of the current Supervisory Board ahead of schedule. Founder of the Bank Lutfulla Ubayev, as well as Mirkodir Mirzayotov, Atkham Alimov, Ozoda Abdurakhmanova, and Shavkat Qiyasov were removed from the Board, and in their place, Taleh Tahirli and Agshin Amirov, Deputy Chairmen of ABB’s Management Board (MB), as well as Shafaq Hasanova, Said Abdunabiyev, and Farhod Roziyev as independent members were elected. After this, L. Ubayev will attend Board meetings as an observer without voting rights. He owned 46.9% of the shares before ABB took control of the Bank, and currently his stake is 25.5%.
In addition, at the shareholders’ meeting, Deputy Chairman of the Bank’s MB Ravshan Tojiyev and acting Deputy Chairman Alishir Gurbanov were dismissed from their positions, and Aynur Suleymanli, ABB’s General Director, and Heybat Gadirov, advisor to the MB Chairman, were appointed in their place. Abdumajid Samadov will chair the MB. The board also includes Samarjon Nazarov and Nadir Khalil, Director of the Bank’s Risk Management Department.