Thursday, May 6 2010 17:14

Chrystie Management to finally acquire Ukrprombank's stake in ARMBUSINESSBANK in late May


ArmInfo. The deal on acquisition of Ukrprombank's stake in Armbusinessbank (ABB) by Chrystie Management will be closed in late May, Ara Kirakosyan, ABB Board Chairman, told ArmInfo.

He said that Chrystie Management will become the sole owner of ABB. Earlier in mid-December 2009 Chrystie Management submitted an application for acquisition of Ukrprombank's sake in Armbusinessbank (13.01%). Before that, Chrystie Management held 86.99% stake in the bank. By ArmInfo's data, Armbusinessbank CJSC is a medium-sized bank in Armenia by assets. In 2006 Ukrprombank LLC acquired a 35% stake in ABB, Alfa-Garant - another 35% and Chrystie Management off-shore company - 30%. All the three companies belong to big businessmen Armenians by origin. In Q3 2009 the bank's shares were redistributed. In fact, Alfa-Garant sold its share in the bank, and the share of Ukrpormbank decreased to 13.01%, whereas Chrystie Management increased its stake to 86.99%. As a result, the authorized fund of the bank grew from 5.0 billion to 13.5 billion drams ($35 million).
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