YEREVAN, January 16. /ARKA/. The Central Bank of Armenia upheld and registered Areximbank-Gazprombank Group and Ardshinbank’s deal on January 10, the regulator’s press office reported on Friday.

It said in its press release that Ardshinbank and Areximbank –Gazprombank Group have carried out all their contractual procedures.

As a result, the central bank has registered the handover act and appropriate changes in Ardshinbank’s regulations, in accordance with which the activity of Areximbank –Gazprombank will be terminated and Ardshinbank will become its heir.

The regulator has also voided the license of Areximbank – Gazprombank Group. The decision comes into force from the very moment of the signing.

On October 7, 2016, Region Finance Industrial Corporation fully owned by Karen Safaryan, a prominent Russian businessmen who is the chairman of Ardshinbank’s board, stroke a deal with Areximbank – Gazprombank Group to buy 100% of its shares.

Ardshinbank CJSC (Ardshininvestbank before renamed Ardshinbank on November 13, 2014) was registered in February 2003. Ardshinbank has 56 branches, one of the largest branch networks in the country, one service center and a resident office in Paris.

Areximbank-Gazprombank Group (former Areximbank, renamed on June 12, 2009) was established in August 1998 for supporting entrepreneurship and serving financial flows between Russia and Armenia.

In 2007, it became a subsidiary of Russia’s biggest bank, Gazprombank.
Areximbank-Gazprombank Group has 16 branches – nine in provinces and seven in the capital city. --0---