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Russia's Gazprombank buys major Armenian bank

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  • Russia's Gazprombank buys major Armenian bank

    Agence France Presse -- English
    January 25, 2008 Friday 3:19 PM GMT


    Russia's Gazprombank buys major Armenian bank


    Russia's Gazprombank has bought 80.09 percent of one of Armenia's
    largest retail banks, Areximbank, and is in negotiations with
    Austria's Raiffeisen International to buy the rest, Gazprombank
    vice-president Olga Kazanskaya said Friday.

    Details of the deal were not disclosed. The bank will be renamed
    Gazprombank of Armenia by the end of the year, Kazanskaya said at a
    press conference.

    She said Gazprombank, controlled by Russian gas giant Gazprom, would
    be seeking to finance energy projects in Armenia with ArmRosGazprom,
    a joint Russian-Armenian company that controls natural gas pipelines
    feeding Russian gas to Armenia.

    Russia is a close ally of Armenia, a former Soviet republic, and its
    companies have extensive investments in the country including in the
    energy and telecoms sectors.

    From: Emil Lazarian | Ararat NewsPress
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