Gazprombank sells its Armenian subsidiary Areximbank-GPB Group to Ardshinbank`s investors

ArmInfo. Russian Gazprombank has sold its 100%  subsidiary, Armenian Areximbank-GPB Group to a group of investors  from Armenia, www.1prime.biz reports citing the Russian bank.  The  amount of the deal and the names of investors are not reported.  In  the meantime, according to ArmInfo Information Company's Financial  Analysis Service, the buyers are the key shareholders of Ardshibank,  one of the local banks. The amalgamation process will continue until  2017 when the new minimum capital requirement for Armenian banks  (30bln drams versus current 5bln drams) will come into effect. 

The Russian 1prime.ru recalls that U.S.  Department of Finance  imposed sanctions against several dozens of structures of Gazprom and  Gazprombank, including Armenian Areximbank on September 1. The  Armenian subsidiary of the Russian Company said the decision of the  U.S. Department of Finance will not affect the Bank's activity. The  Bank was actually under U.S. sanctions yet before that, as  Gazprombank has been under sanctions since 2014.  

According to ArmInfo's Financial Rating of Banks, the shareholders of  Ardshinbank are Center of Business Investments LLC - 97.52%, Aram  Andreasyan - 1.57%, Karen Safaryan (RF) - 0.37%, Rudik Mkrtumyan and  Khachik Zakaryan - by 0.27%, and International Business Center CJSC  JV - 0.0005%.  The total capital of Ardshinbank as of July 1 2016  amounted to 51.3bln drams (4th place), assets - 452.8bln drams (2nd  place), loans - 384.7bln drams (1st place). The Bank retains its  leadership position by net profits too - 2.2bln drams for the 1st  half of 2015 with a 47.6% year over year growth. As of July 1 2016,  Areximbank's total capital amounted to 23bln drams. Assets -98bln  drams. Loans - 61bln drams, and the accumulated loss - 15bln drams  with a 6.4% year over year growth.