The sale of HSBC Bank Armenia to Ardshinbank to be completed on  November 29, 2024

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.