Ardshinbank Successfully Completes Acquisition of HSBC Armenia

ArmInfo."Ardshinbank" CJSC announces the completion of the acquisition process of 100% shares of "HSBC Armenia" CJSC (HSBC Armenia). After the finalization of the transaction and integration works, which took about ten months, HSBC Armenia on November 29 was renamed “Ardshininvestbank”. Starting from December 2, clients of HSBC Armenia will be welcomed under the new branding while retaining their existing services and terms, complemented by numerous additional benefits.

"This process is a milestone for Armenian banking and financial system, as it emphasizes the stability and reliability of an Armenian-based independent banking group. We are confident that customers of Ardshinbank group will experience a renewed sense of strength and trust, and the former HSBC Armenia employees will find new opportunities to advance their careers with Ardshinbank, based on stability and the exchange of best practices," said Artak Ananyan, Chairman of the Management Board of Ardshinbank.

The consolidation process, initiated on February 6, adhered to the principles of accountability and transparent communication with the beneficiaries. The Competition Protection Commission of Armenia allowed the concentration, noting it posed no restrictions on competition or consumer interests. The Board of the Central Bank of Armenia also granted preliminary consent for Ardshinbank to acquire a significant participation in HSBC Armenia. Thus, the transaction was officially completed following the successful migration and integration of systems and databases.

To integrate HSBC Armenia into the Ardshinbank group, a strategy focused on ensuring a transition with minimal changes was adopted, prioritizing customer convenience above all. After the transition, HSBC Armenia customers will continue to be served at the same branches by the same staff. Guidelines for activating the rebranded bank cards have already been provided to customers. Existing accounts have been preserved, and the cards have been upgraded from former ATM cards to full-featured debit cards. Customers have also been introduced to a new mobile banking application, where their login credentials have been retained. A simple password update is all that’s required for activation, eliminating the need for branch visits. This careful approach aims to ensure customer convenience, with personalised support offered to address any concerns.