News - Ardshinbank received necessary approvals for acquiring HSBC Armenia

At the meeting on 27th of August this year, the Board of the Central Bank of the Republic of Armenia granted its preliminary approval for Ardshinbank CJSC to acquire 75% or more of direct significant stake in HSBC Bank Armenia. Prior to this, on 6th of June the Commission for the Protection of Competition also approved the concentration of Ardshinbank and HSBC Bank Armenia. On this basis Ardshinbank is pleased to announce that it has received all regulatory and anti-trust approvals required to complete the transaction and acquire 100% of HSBC Bank Armenia stake. In the upcoming months, we will continue working on preparation for migration to ensure a successful transition of HSBC Bank Armenia to Ardshinbank platform. The acquisition will be finalized and closed upon successful completion of the migration exerces. In connection with the transaction, Ardshinbank is looking forward to welcoming HSBC Armenia customers onto it’s award-winning platform and to ensuring a smooth and fluid transition. All HSBC Armenia customers will continue to enjoy the benefits of local support and personalised services and Ardshinbank’s bespoke range of products. Following the preliminary approval by the Central Bank, Artak Ananyan, Chairman of the Management Board of Ardshinbank, stated: "The successful completion of this transaction will mark a crucial milestone in the execution of Ardshinbank's long-term strategy, with the primary objective being the initial public offering of Ardshinbank shares in international capital markets". About Ardshinbank Ardshinbank is the leading Bank in Armenia with a diversified universal banking offering including retail and commercial banking, investment banking, and private & wealth solutions. The Bank has over 385,000 customers served by 1,700+ employees, a strong omnichannel distribution platform with 65 branches, supported by a comprehensive mobile and online banking platform. The bank possesses the largest branch network in the country and maintains a representative office in Paris, France. Ardshinbank is the only private entity in Armenia with assigned ratings from three international rating agencies, all at the level of the sovereign, as follows: S&P Global Ratings (BB- (Stable)), Moody’s (Ba3 (Stable)) and Fitch (BB- (Stable)). The bank is also the only non-sovereign entity from Armenia which has issued RegS /144A public Eurobonds in international capital markets. Ardshinbank is committed to invest in the alternative energy sector, further advancing the bank’s journey towards green banking. The bank’s operational framework is anchored on social and environmental responsibility, coupled with strong corporate governance․ Bank is regulated by the Central Bank of the Republic of Armenia.