RosBusinessConsulting Database
September 12, 2008 Friday 5:34 AM EST

Gazprombank acquires bank in Armenia

Gazprombank has increased its stake in Areximbank, a Russian-Armenian
export-import bank, to 100 percent, by purchasing 5.85 percent of the
bank’s common shares, Gazprombank’s press office reported. The Russian
bank acquired 80 percent in Areximbank in November 2007. In July 2008,
the Armenian-based bank made an additional share issue, which was also
scooped up by Gazprombank, and its stake in the former rose to 94.15
percent.

As of July 1, Areximbank’s assets totaled $110.5m, equity amounted to
$31.8m, and share capital stood at $28.1m.

From: Emil Lazarian | Ararat NewsPress