Ameriabank co-finances acquisition of Armenian firm by foreign investor

PanARMENIAN.Net - Three Armenian banks have for the first time co-financed a deal which saw the acquisition of an Armenian company by a foreign strategic investor.

Chaarat Gold Holdings has bought the Kapan gold mine in Armenia from Polymetal, one of Russia’s largest gold and silver producers, for $55 million.

The acquisition was arranged by Ameriabank with two other Armenian banks to extend a loan of $40mln, $32mln of which was provided by Ameriabank

“The Armenian banks proved to the international financial community their ability to close complicated deals successfully, as well as to consolidate local financial resources for funding international transactions,” said Gagik Sahakyan, Corporate Banking Director at Ameriabank.

“Besides, the transaction showed that the Armenian economy is attractive for international capital and investments.”

“We are delighted to become the first major international investor in Armenia following the revolution. Environmental, social and corporate governance is core to our culture, strategy and execution. Those values sit well with Armenia’s newly found commitment to transparency – it’s a great country for a company like ours to do business,” Chaarat Chief Executive Artem Volynets said.

Ameriabank is a universal bank providing investment, corporate and retail banking services in a comprehensive package of banking solutions. It is the first investment bank in Armenia, which has been providing a wide range of innovative banking services since 2008.