Acquisition of HSBC Armenia by Ardshinbank

One of the key events in Armenia’s banking sector was the acquisition of 100% of HSBC Armenia CJSC shares by Ardshinbank. After completing a ten-month integration process, HSBC Armenia was officially renamed "Ardshininvestbank" on November 29. Starting from December 2, clients began receiving services under the new brand, retaining their existing terms while gaining access to new benefits. This deal marked the end of the nearly 30-year presence of British banking giant HSBC in Armenia. The decision to sell its Armenian subsidiary was part of HSBC's global strategy to reallocate capital from less strategic markets to regions with higher growth potential.

“This process has become a significant milestone for Armenia’s banking system, showcasing the reliability and stability of an independent financial group,” said Ardshinbank Chairman Artak Ananyan. He promised a "smooth and seamless transition" for the approximately 30,000 customers of HSBC Armenia.

The deal, approved by the Competition Protection Commission and the Central Bank of Armenia, concluded successfully after the migration of systems and databases. All customer accounts were preserved, debit cards were upgraded, and access to new mobile banking services was provided without requiring visits to branches.

Founded in 1996, HSBC Armenia was the only local bank owned by a major Western financial group. At the time of the sale, its assets were valued at AMD 290 billion ($720 million), with customer deposits amounting to AMD 200 billion. The bank’s profits grew from AMD 8 billion in 2022 to AMD 11 billion ($27 million) in 2023. In comparison, Ardshinbank reported a profit of AMD 63 billion for the same year.

HSBC’s decision to exit Armenia was part of a broader restructuring strategy, during which the bank sold its subsidiaries in France, Canada, Russia, and Greece. In January 2024, HSBC finalized the sale of its retail business in France, while its Canadian operations were acquired by the Royal Bank of Canada.

The merger between Ardshinbank and HSBC Armenia highlights Ardshinbank's commitment to strengthening its leadership position in the market, providing customers with new opportunities, and adopting the best international practices.