Ardshinbank has announced the completion of its acquisition of 100% of HSBC Armenia's shares. After a ten-month finalization and integration process, the bank was officially renamed "Ardshininvestbank" on November 29 and will begin serving customers under the new brand starting December 2, maintaining previous terms with added benefits.
The acquisition process, initiated on February 6, received all necessary regulatory approvals. The Competition Protection Commission authorized the merger, confirming that it does not restrict competition or harm consumer interests. The Central Bank of Armenia also granted preliminary approval for Ardshinbank's significant acquisition of HSBC Armenia's charter capital.
To ensure customer convenience, the transition strategy involved minimal changes. Services will continue at the same branches, retaining existing staff. Bank cards have been reissued under the new brand while keeping account details unchanged, with ATM cards upgraded to full-fledged debit cards.
Customers have received instructions for activating their new branded cards and can access an updated mobile app, preserving their previous login credentials. A password reset and activation process allow access without visiting the bank.
BMG reports that Ardshinbank holds a leading position in Armenia’s banking sector. According to consultancy firm Modex, the bank recorded a net profit of $214 million from January to September 2024, the highest among commercial banks in the country. The acquisition of HSBC Armenia in November 2024 has further strengthened its market position.
Armenia's banking sector posted a combined profit of $691 million for the first nine months of 2024, a 25% increase compared to the same period in 2023. Ardshinbank accounts for approximately one-third of the sector's total profits.
