Ardshinbank announces agreement to acquire HSBC Armenia


Ardshinbank, the largest Armenian banking group, is today announcing it has reached a binding agreement with HSBC Europe B.V., a subsidiary of HSBC Holdings plc, to acquire its fully owned banking subsidiary in Armenia.

HSBC Armenia has a well-established base of loyal clients across Armenia and specialises in serving affluent retail customers and blue-chip Armenian corporates. Historically orientated towards corporate customers, its growth over the recent years has been driven by its wealth and personal banking proposition.

The proposed acquisition of HSBC Armenia is a unique opportunity to build upon Ardshinbank’s operational and financial strengths. The combination aims to add a high-quality customer franchise and a highly experienced team of relationship managers and employees. As at December 31, 2023, HSBC Armenia had total assets of c. AMD290bn, customer loans of c. AMD185bn and c. AMD200bn in customer deposits.

The transaction is subject to regulatory and anti-trust approvals and is expected to close within the next 12 months.

Artak Ananyan, Chairman of the Management Board of Ardshinbank, commented: 

“We are delighted to announce today that we have reached agreement with HSBC for the acquisition of its bank in Armenia. Subject to receipt of all clearances, Ardshinbank looks forward to welcoming HSBC Armenia customers onto our award-winning platform and to further delivering on its strategy to accelerate growth and expand product offering for clients. This transaction is about growth and we look forward to welcoming HSBC Armenia employees to the Ardshinbank team. Our intention is to ensure a smooth and fluid transition for all HSBC Armenia customers who will continue to enjoy the benefits of local support and personalised services and Ardshinbank’s bespoke range of products.”

Financial and legal advisors

Latif & Company (L&C) is acting as exclusive financial advisor to Ardshinbank and Latham & Watkins is acting as legal advisor.

About Ardshinbank

Ardshinbank is the leading Bank in Armenia with a diversified universal banking offering including retail and commercial banking, investment banking, and private & wealth solutions.

The Bank has over 375,000 customers served by 1,700+ employees, a strong omnichannel distribution platform with 65 branches, supported by a comprehensive mobile and online banking platform. The bank possesses the largest branch network in the country and maintains a representative office in Paris, France.

Ardshinbank is the only private entity in Armenia with assigned ratings from three international rating agencies, all at the level of the sovereign, as follows: S&P Global Ratings (B+ (Positive)), Moody’s (Ba3 (Stable)) and Fitch (BB- (Stable)). The bank is also the only non-sovereign entity from Armenia which has issued RegS /144A public Eurobonds in international capital markets.

Ardshinbank is committed to invest in the alternative energy sector, further advancing the bank’s journey towards green banking. The bank’s operational framework is anchored on social and environmental responsibility, coupled with strong corporate governance.


Ardshinbank is regulated by the Central Bank of the Republic of Armenia.