ArmInfo.The sale of HSBC Bank Armenia (HSBC Armenia) to Ardshinbank is expected to complete on November 29, 2024. At completion of the transaction, HSBC Armenia will become a wholly owned subsidiary of Ardshinbank and will be renamed Ardshininvestbank CJSC, as noted in the statement of HSBC Bank Armenia.
Note that on February 6, 2024, Ardshinbank reached an agreement and HSBC Europe B.V. (a subsidiary of HSBC Holdings plc) for the acquisition of its subsidiary banking company in Armenia (HSBC Bank Armenia). Then, on June 6, the Competition Protection Commission approved the merger of Ardshinbank and HSBC Bank Armenia. Then, on August 27, the Central Bank of Armenia preliminarily approved the deal for Ardshinbank to acquire a controlling stake of 75% or more in HSBC Bank Armenia.
Based on this, Ardshinbank received all regulatory and antitrust approvals necessary to complete the transaction and acquire 100% of HSBC Bank Armenia shares.
