YEREVAN, October 11. /ARKA/. On October 7, 2016 all the shares of the Yerevan-based and Russian-owned Areximbank-Gazprombank Group were acquired by another Russia-based financial and industrial corporation called Region, whose sole shareholder is the ultimate beneficiary and chairman of board of Armenian Ardshinbank Karen Safaryan.

In a joint statement the banks said the next stage of the deal is their merger as prescribed by Armenian legislation.

"As a result of the acquisition Ardshinbank will become the largest bank in Armenia, including, by size of capital, assets and branch network. After the merger Ardshinbank ‘s total capital will grow to 74 billion drams, the assets will increase up to about 540 billion drams and the sales network will expand to 72 universal branches ",  according to the statement.

Categories: Banks @en, General news, News, News of the hour | Comments Off on Armenian Ardshinbank acquires Areximbank- Gazprombank Group

Tags: acquire, Ardshinbank, Areximbank-gazprombank group, Armenia

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