Armenia’s Central Bank (CB) appears unwilling to specify whether former Artsakh State Minister Ruben Vardanyan has agreed to the planned sale of Ameribank to the Bank of Georgia Group PLC, a UK incorporated international financial group.

Both banks have confirmed that the transaction still needs to be approved by the parties general shareholders as well as regulatory authorities, including the Armenia’s Central Bank.

Imast Group Ltd. is a 48.82% shareholder of Ameriabank, in which Ruben Vardanyan's share is entrusted to trust management.

Given that Vardanyan is now being held in an Azerbaijani jail on charges of “financing terrorism” and “participating in illegal armed organization”, Hetq wanted to know if Vardanyan was contacted about the transaction.

The Central Bank, in response to a Hetq inquiry, wrote, “All shareholders, including Imast Group, were involved in this initiative and gave their positive position."

Ameribank also evaded the question of Vardanyan’s consent, only saying, “Ruben Vardanyan is not a direct shareholder of Ameriabank.

Hetq wrote to the Central Bank, asking whether Vardanyan’s current situation will influence its decision to approve or reject the sale of Ameribank. We also asked if Vardanyan’s consent is mandatory given his sizeable share of the bank’s stocks.

The Central Bank, in addition to some legalese regarding the sale process, pointed to the possibility of “commercial secrets” and the “principle of impartiality” for its refusal to comment further.

Ruben Vardanyan's Yerevan office told Hetq that Ameriabank has the authority to comment on all the details related to its sale. Family members could not be contacted for comment.

The Bank of Georgia Group says it will pay US$303.6 million for 90% of Ameriabank.