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Report: Gazprombank offloads Armenian unit

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Report: Gazprombank offloads Armenian unit

sold its 100%holding in CJSC Armenian-RussianExport-Import Bank to a group of investors from Armenia, RIANovosti reported Oct. 10, citing the Russian lender.

Thefinancial details of the transaction were not provided.

Areximbankwas placed under U.S. sanctions at the beginning of September because of itsownership ties with the Russian parent. Gazprombank was hit by U.S. sanctionsin 2014 as a response to Russia's involvement in the conflict in easternUkraine.