The Central Bank of Armenia and the Warsaw Stock Exchange signed the contract of the sale of the Armenia Securities Exchange

Thursday, 30 June 2022


On June 28th, in Yerevan, the Governor of the Central Bank of Armenia Martin Galstyan and President of the Management Board of the Warsaw Stock Exchange (GPW) Marek Dietl signed an agreement on the sale of a majority interest in the Armenian Stock Exchange (AMX).

“We consider this investment as a long-term partnership. Our aim is to recreate with joint efforts the capital markets of Armenia and thrive to extend our business further into the region. We also expect to develop the capital markets infrastructure, creating opportunity for businesses to raise sustainable and affordable capital while enabling the investors and savers to manage their savings and investments more professionally within a wider range of investment products and opportunities,” said Marek Dietl, President of the Management Board of GPW. “We believe this to be an important milestone in the development of Armenian capital markets. Having found such a partner in the Warsaw Stock Exchange, realizing we have the same vision and similar aspirations, we believe this deal to be a turning point in the chronicles of capital markets in Armenia. Under the leadership of the Warsaw Stock Exchange, with their experience and knowledge, AMX has the full potential to expand and become the robust stock market ready to take up the challenges of the 21st century and lead the region.” said Martin Galstyan, Governor of the Central Bank of Armenia.

The intention of the GPW to acquire the AMX was announced on September 18, 2020, after which the necessary analysis were carried out, a development plan for the next 5 years was purposed, and the necessary corporate approvals were implemented. Finally, this year at the May 24 Meeting, the Board of the Central Bank of the Republic of Armenia approved the transaction. Accordingly, the Warsaw Stock Exchange (GPW) will acquire 65.03% of shares of the Armenia Securities Exchange (AMX) (967 shares in total). The Central Bank of Armenia will maintain 25.02% of shares, and the remaining 9.95% are the AMX’s own shares. The value of the transaction is about AMD 873 million, a part of which (about AMD 499 million) will be paid after signing the Share Purchase Agreement, and the rest, after completion of processes established by the Share Purchase Agreement.

The Warsaw Stock Exchange Group (GPW Group) operates trading platforms for shares, Treasury and corporate bonds, derivatives, electricity and gas, and provides indices and benchmarks including WIBOR and WIBID. The index agent FTSE Russell classifies the Polish capital market as a Developed Market since 2018. The markets operated by the GPW Group are the biggest in Central and Eastern Europe. For more information, visit

At the end of May 2022, the market capitalisation of 376 domestic companies listed on the Main Market was PLN 585.8 billion (EUR 128.0 billion), while the total market capitalisation of 421 domestic and foreign companies listed on the Main Market was PLN 1,165.2 billion (EUR 254.6 billion).
Armenia Securities Exchange (AMX) is the only securities regulated market operator in Armenia. As an integrated exchange offering, AMX provides a full suite of services including listing, trading, clearing, information services and alternative market solutions. Currently 28 companies are listed in the AMX.