Balchug Capital closes deal to acquire Goldman Sachs' Russian subsidiary

MOSCOW. April 24 (Interfax) - CJSC Balchug Capital has become the owner of the Russian subsidiary of the U.S. Goldman Sachs Group , according to data from the Unified State Register of Legal Entities.

As of April 23, the company holds 100% of the shares in Goldman Sachs Bank LLC.

Russian authorities granted Balchug Capital permission for the deal at the end of January. The company, controlled by the Balchug Capital fund of Armenian entrepreneur David Amaryan, was previously been involved in several transactions involving the purchase of assets from foreign companies exiting the Russian market, including the American corporation Caterpillar .

Goldman Sachs Bank has operated in Russia since January 2009. The bank specialized in servicing corporate clients of Goldman Sachs and does not work with individual clients. It ranked 230th by asset size among Russian banks according to the Interfax-100 ranking for 9M 2024.

Goldman Sachs announced its intention to exit Russia shortly after the start of the conflict in Ukraine in March 2022. In the same year, Goldman Sachs Bank was included in a list of credit organizations subject to restrictions on transactions involving shares and stakes, as well as deposits in charter capital, unless a special permit for such operations was obtained.