YEREVAN, January 16. /ARKA/. Armenia’s Central Bank said today it has registered 16 branches of Areximbank-Gazprombank Group as branches of Ardshinbank. The regulator has also registered a new ‘Yerevan’ branch of Ardshinbank.

By the end of the third quarter Areximbank-Gazprombank Group ran 16 branches, Ardshinbank ran 55 branches.

On January 10, 2017 the Central Bank approved a merger agreement signed earlier by Areximbank-Gazprombank Group and Ardshinbank. The Central Bank also revoked a license №80 awarded to Areximbank-Gazprombank Group. The decision enters into force upon signature.

The merger deal between the two banks was concluded on the 7th of October 2016. According to official reports, all shares of Areximbank-Gazprombank Group were acquired by Region financial and industrial corporation, the sole shareholder of which is a Russia-based businessman of Armenian origin Karen Safaryan, who is also the ultimate beneficiary and chairman of Ardshinbank board.

Ardshinbank was founded in 2003. It has an office in Paris and is one of the three leading Armenian banks.

Areximbank-Gazprombank Group was founded in 1998. It was a subsidiary of Russian Gazprombank. -0-