A spokesperson for Ardshinbank has reached out to The Maltese Herald and stated that the owner of Ardshinbank, Karen Sefaryan, has divested his business interests from Russia as of 2007. The PR consulting firm that reached out to us in the name of the bank is FTI Consulting. Ardshinbank is currently bidding for HSBC Malta and previously also purchased HSBC Armenia in 2024.
Karen Safaryan was the owner of various Russian assets including a minority stake in the Gorky Popov Communications Equipment Factory in Nizhny Novgorod. Allegedly, he divested from these assets. Ardshinbank purchased and merged with Gazprom’s subsidiary bank in Armenia, Areximbank–Gazprombank in 2017.
We also requested FTI Consulting a photo of Karen Safaryan but they told us that they were “unable to source a photo”.
The spokesperson also noted Armenia’s stronger relations with the EU, describing this as part of Armenia’s “shifting geopolitical position”. It is factually correct that Armenia is turning away from Russia and seeking stronger relations with the EU, while also seeking ties with Turkey and Azerbaijan. The EU has also become more significant in mediations between Azerbaijan and Armenia following Armenia’s distancing from Russia. Armenia also wants to join the EU.
However, Armenia still operates as a very important trading outpost for Russia as it serves to bypass EU sanctions. Similarly, Malta is also ignoring illegal Russian oil trading in Hurd’s Bank and potentially serves as a trading outpost for Russian oil. An enhanced commercial, financial and banking relationship between Malta and Armenia could increase risks related to trade with Russia.
Malta and Armenia have low trade and exchange between them but have relatively good relations.
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