Armenian investment firm Balchug Capital confirms deal to acquire Goldman Sachs Bank in Russia has closed

The Armenian investment firm Balchug Capital (“Balchug”) has confirmed that its deal to acquire OOO Goldman Sachs Bank – the Russian bank controlled by Goldman Sachs Group – has closed. It was previously announced that a sales agreement had been entered into by both parties and had received official approval. It is a landmark acquisition for the Armenian investor with total assets of approximately $2 billion. 

Under the terms of the transaction, Balchug will acquire the bank with its licence but going forward the bank will operate under a different name.

Through its investment activities Balchug is supporting international investors in divesting from Russia in full compliance with local and international regulations. It has undertaken a number of transactions of this nature, including the acquisition of two major commercial real estate assets in Russia - Pulkovo Sky, one of the largest Class A office buildings in St Petersburg, and Metropolis shopping center, one of the largest shopping malls in Moscow.

David Amaryan, founder and CEO of Balchug Capital, said: “I am delighted that this deal has now closed. We have worked closely with all the relevant authorities to ensure that this transaction is in full compliance with all local and international laws and sanction regulations. The bank will play a key role in our portfolio and will allow us to implement a long-term strategy that we have adopted across the regions of our operations.”

About Balchug Capital:

Balchug Capital is an investment firm headquartered in Yerevan, Armenia. It was founded in 2010 by David Amaryan, who serves as CEO and oversees all investment activities. 

Goldman Sachs Group is one of the world leaders in the financial sector. This is probably one of the most significant transactions in the history of Armenia. As previously reported by leading international and local financial media and news agencies, Goldman Sachs Group and the Armenian Balchug Capital CJSC have signed a purchase and sale agreement and received official permission. It should be noted that obtaining official permission from the President of the Russian Federation is a mandatory requirement for such transactions in Russia, effective from 2022 by decree of the President of the Russian Federation.