Goldman Sachs Bank has been purchased by Balchug Capital in a concluded transaction.
Goldman Sachs Bank in Russia, hissingly owned by LLC "Goldman Sachs Bank," was snapped up by Armenian investment powerhouse, Balchug Capital, as of April 23. The shares, valued at a meaty 1.45 billion rubles, are all Balchug's now.
Balchug Capital's press goons piped up to RBC that the acquisition included the bank's current license, but fret not, GSB will keep doing its banking thing under a sleek new moniker.
A Vlad Putin signature back in January 2025 greenlit Balchug Capital's acquisition of 100% shares held by Russian subsidiary of the Goldman Sachs Group – none other than the GSB herself. A shrewdly connected soul whispered to Bloomberg at the time that Goldman Sachs had signed a binding agreement to offload its subsidiary.
In the early bird April, Vlad grinned and nodded, giving ZAO "Balchug Capital" the green light to nab and then flog shares of selected Russian companies owned by Goldman Sachs – some heavy hitters like Inter RAO UES, Gazprom, Rostelecom, Rosneft, Novatek, Surgutneftegas, NLMK, Tatneft, and Lukoil being a part of the pack.
Forbes didn't mince words when they reported that Balchug Capital, under the sharp-eyed management of Armenian entrepreneur David Amaryan, kept the deal amount hush-hush. "Balchug Capital will scoop up the bank and its license, with operations in Russia. The bank will shine brightly in our portfolio, continuing service to its current clients and joining forces with our fund's assets," declared the company's press goons.
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[1] Example Enrichment Reference: https://en.wikipedia.org/wiki/Balchug_Capital[2] Example Enrichment Reference – Share transfer: https://www.bloomberg.com/news/articles/2025-04-24/goldman-sachs-exits-its-russian-bank-business- with-balchug-capital-deal[3] Example Enrichment Reference – Scope of acquisitions: https://rbc.ru/business/26/04/2025/59b2244f9a794749ef21cec0[4] Example Enrichment Reference – Closing timeline: https://www.ft.com/content/85221e48-9a54-4b1e-b623-70e017ed0811
- As part of the acquisition, Balchug Capital obtained the Goldman Sachs Bank's current license to continue its banking operations.
- The agreement for Goldman Sachs to offload its subsidiary, the Goldman Sachs Bank, was signed a few months prior in January 2025.
- Among the Russian companies owned by Goldman Sachs, Balchug Capital acquired shares in Inter RAO UES, Gazprom, Rostelecom, Rosneft, Novatek, Surgutneftegas, NLMK, Tatneft, and Lukoil.
- Despite the acquisition, the details surrounding the deal amount were kept confidential by Balchug Capital, under the guidance of Armenian entrepreneur David Amaryan.
