Ardshinbank OJSC is weighing a potential listing and has London on the list of possible venues, said people with direct knowledge of the situation. As part of that work, the lender has been sounding out investment banks while it explores strategic alternatives, including a listing, the people said, asking not to be named because the talks are private.
The discussions are still at an early stage, and the same people cautioned there is no certainty a transaction will proceed. A representative underscored the optionality, saying, "An IPO represents a potential natural milestone in the bank's future strategic development."
Founded in 2003 by chairman and majority shareholder Karen Safaryan, Ardshinbank describes itself as Armenia's biggest by assets and deposits. In 2024, it acquired HSBC Holdings Plc's local operations, and its most recent disclosures show book value of roughly $1.1 billion as of September end.
London has been courting overseas listings, and the city has seen fresh activity from emerging markets this year. Africa-focused mobile payments firm Airtel Money made its London debut earlier this month, shortly after the UK recorded its biggest IPO in five years, while Uzbekistan's national investment fund UzNIF also listed earlier in the year.
If Ardshinbank opts for London, it would join another Caucasus lender on the market. Lion Finance Group Plc, which owns Bank of Georgia, is in the FTSE 100 and, per Bloomberg data, trades at nearly two times book value.
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For now, the bank says its priority is "strengthening its position in Armenia and expanding its activities in international markets," with an IPO as a potential step in that longer path. A listing - if it happens - would offer a new emerging markets bank to compare against a London peer that trades at a premium to book, a reference point worth noting for valuation watchers.
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