Gazprombank sells daughter company’s 100% shares to Armenia
09:28 • 11.10.16
Gazprombank has sold to Armenian investors the shares of Areximbank, its daughter company which faced US sanctions in September, RIA Novosti reports, citing a Russian credit organization.
“Gazprombank has sold 100% shares of Areximbank to an investor group in Armenia. At the same time, the bank remains committed to the implementation of investment projects,” reads an official press release issued after the transaction.
Gazprombank was reported to have suspended the management of the Armenian-Russian bank’s shares since October 7.
The Office of Foreign Assets Control, US Department of Treasury, imposed the sanctions upon Gazprom, Gazprombank and several other Russian companies’ affiliates on September 1.
Sources from Areximbank said the sanctions are not expected to affect their regular work or customer services.
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