EBRD TO EARMARK 500,000 EUR FOR ARMENIAN ARARATBANK FOR IMPLEMETATION OF RECONSTRUCTION PROGRAM
ARKA
June 5, 2009
YEREVAN, June 5. /ARKA/. The European Bank for Reconstruction
and Development will provide Armenian Araratbank with 500,000 EUR
for implementation of reconstruction program in accordance with
international standards, the bank’s Chairman of the Executive Board,
CEO Ashot Osipyan told reporters on Friday.
According to him the program will be implemented together with National
Bank of Canada and a corresponding agreement is planned to be signed
early in July.
"As soon as the agreement is signed we will set to implementation of
the program which will contribute to bringing the bank to international
standards," Osipyan said.
He also noted the program designed for 18 months and will launch on
July 15.
Araratbank OJSC, legal successor of Armsvyaz Bank, was established
on September 2, 1991 and licensed (N4) on October 31, 1996.
The European Bank for Reconstruction and Development (EBRD) holds 25%
shares of Araratbank.
The 74.1% of the bank’s authorized capital belongs to principal
shareholder, businessman and owner of Flesh Company Barsegh Beglaryan.
By March 31, 2009, the banks assets had reached 28bln AMD, with capital
being 7.6bln AMD, liabilities 20.3bln AMD, credit investments 14.4bln
AMD and net loss 14mln AMD in January-March 2009.
On January 30 2009 Araartbank joined NASDAQ OMX Armenia stock exchange.
Currently the bank has 25 branches operating throughout Armenia. ($1-
370.01AMD).