Armenia`s Central Bank completed Ardshinbank OJSC bankruptcy process after 23 years

ArmInfo. The Central Bank of Armenia has completed the bankruptcy process of Ardshinbank OJSC after 23 years. It began in 2002 and is completely separate from the Ardshinbank CJSC that is currently operating. The Central Bank Council made the relevant decision during a meeting on January 29, 2025.

Shortly before this, the Central Bank of Armenia published on its website the final information in figures regarding the bankruptcy, signed by the liquidator Lusine Yarmaloyan. In 2002, Ardshinbank OJSC and another bank Agrobank went bankrupt. A year later Ardshininvestbank (later renamed Ardshinbank CJSC) was established with new shareholders. They acquired the healthy portfolios of the two aforementioned banks and have been operating and thriving in the Armenian banking market ever since. Today, Ardshinbank CJSC is a major player in Armenia's banking sector. Most recently, on November 29, 2024, the merger  with HSBC Bank Armenia was completed.

It should be noted that Ardshinbank CJSC (formerly known as Ardshininvestbank until 2014) has been operating in Armenia since February 2003. As of September 30, 2024, the majority shareholder of the bank is Arins Group LLC - 98.67%. Prior to 2017, the bank's majority shareholders were OOO "Center for Business Investments" - 70.11% and ZAO "Industrial and Financial Corporation REGION" - 28.10%.  Subsequently, OOO "Center for Business Investments" was rebranded as OOO "Arins Group", and ZAO "Industrial and Financial Corporation REGION" remained a shareholder until 2023, then transferring its stake to OOO "Arins Group".