OMX to Acquire the Armenian Stock Exchange and Central Depository
STOCKHOLM, Sweden - OMX, the leading expert in the exchange industry, and the Central Bank of Armenia and the Government of Armenia have signed a letter of intent regarding acquisition of the Armenian Stock Exchange and the Central Depository of Armenia.
“We believe that acquiring the Armenian Stock Exchange and Central Depository is an opportunity for OMX to leverage our experience from developing emerging markets in other countries. OMX will strengthen the Armenian securities market with the goal to enhance its efficiency, liquidity and visibility. Furthermore, OMX’s ambition is to use the Armenian case as a benchmark to enter other emerging capital markets,” says Magnus Böcker, CEO of OMX.
“We are delighted that OMX has decided to participate in developing the Armenian capital market. The Armenian government and the Central Bank of Armenia are truly committed to this task and we will do all we can to help OMX achieve the mutually set goals,” says Serge Sargsyan, Prime Minister of the Republic of Armenia.
“The Central Bank of Armenia has been working together with OMX for over a year and we believe that this acquisition is an important step towards achieving our long-term goals for the Armenian capital market. We welcome OMX’s increased involvement and a continued positive cooperation.” continues Tigran Sargsyan, Governor of the Central Bank of Armenia.
OMX’s knowledge of developing the Nordic and Baltic markets and providing technology to more than 60 exchanges in over 50 countries provides OMX with a strong platform from which to develop the Armenian securities market.
The size of the Armenian market is currently small by any standards, but OMX sees the potential for growth due to a number of contributing factors, such as the upcoming pension reform, changes to the legal framework and an increased focus on the equity market as a source of capital for companies in the region.
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