After buying Areximbank Ardshinbank will become the largest financial structure in Armenia

ArmInfo. "Region" Finance  Industrial Corporation owned by famous Russian businessman Karen  Safaryan, who is also ultimate beneficiary owner and chairman of  Ardshinbank's board, has bought subsidiary of Russian Gazprombank,  Armenian Areximbank-GPB Group.  According to the joint press release  of Ardshinbank and Areximbank the deal was finished on October 7  2016. 

On the following stage Areximbank and Ardshinbank intend to launch  the process of merge prescribed by the law, as a result of which the  merged financial structure will become the largest in Armenia in  terms of capital, assets and branch network. Particularly,  Ardshinbank's capital will reach almost 74 bln drams, assets-540 bln  drams and the number of branches will increase to 72 versus current  56. 

According to the statement the merged bank will increase its  financial figures and will also improve modern technologies, expand  scope of services and enrich the number of employees with new  professionals. All this will significantly enlarge Ardshinbank's  opportunities to provide a wide range of qualitative bank services  both to corporate and retail business. Thus, Ardshinbank will further  strengthen its leading positions in the banking sector of Armenia and  will gain new competitive advantages on the market. 

To recall, "Region" Finance Industrial Corporation was established in  2006 and since then has made investments in Armenia. 

To note, Ardshinbank (former Ardshininvestbank renamed in Nov 2014)  was founded in 2003. As of today it has 56 branches, one service  center and a representation office in Paris. It is among Top Three  Banks in terms of main balance figures. Areximbank-GPB Group, founded  in 1998, has 16 branches and one service center. Till October 7 2016  it was subsidiary of Russian Gazprombank. 

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.