HSBC announces that it has reached an agreement to sell HSBC Bank Armenia CJSC (‘HSBC Armenia’), its wholly-owned subsidiary, to Ardshinbank CJSC (‘Ardshinbank’).

The transaction is subject to regulatory approvals.

“The decision to sell HSBC Armenia follows a strategic review, and aligns with the HSBC Group strategy to redeploy capital from less strategic or low-connectivity businesses into higher-growth opportunities globally.

“HSBC Armenia will continue to serve its customers as usual until the transaction completes, which is expected within the next 12 months.

As part of this transaction, all staff members of HSBC Armenia will transfer to Ardshinbank at completion. The transfer will include all customer relationships held by HSBC Armenia at that time,” the news release says.