On Tuesday in Yerevan, WSE CEO Marek Dietl signed an agreement with the Central Bank of Armenia to purchase a controlling stake in its Armenian counterpart, Polish state news agency PAP reported.
Deputy Prime Minister and State Assets Minister Jacek Sasin said on Twitter that the acquisition marked a "historic moment" and a "great success" for the Warsaw Stock Exchange.
The WSE last month announced it had agreed to acquire 65 percent of the Armenia Securities Exchange for around PLN 8.5 million (EUR 1.83 million, USD 1.94 million).
The announcement came after a Polish government official said in September 2020 that the Warsaw bourse was seeking to buy a majority stake in its Armenian counterpart.
Deputy State Assets Minister Artur Soboń told reporters at the time that the deal would bolster Poland’s position as the leading financial market in Central and Eastern Europe and highlight its role as a "promoter of emerging markets."
Earlier the Central Bank of Armenia selected the WSE as a strategic investor for that country’s bourse.
Negotiations on the deal began in 2019, public broadcaster Polish Radio’s IAR news agency has reported.
The Warsaw Stock Exchange earlier this year said it had become an affiliate member of the World Federation of Exchanges, a global industry association that represents more than 250 financial exchanges and clearing houses worldwide.
Established in 1991, the Warsaw Stock Exchange is the biggest bourse in Central and Eastern Europe.
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Source: IAR, PAP