Sat, 23 August
28.1 C
Yerevan
USD: 384.03 RUB: 4.80 EUR: 443.29 GEL: 142.29 GBP: 510.11

Armenian Central Bank registers merger of two insurance companies

YEREVAN, July 2. /ARKA/. Armenia’s Central Bank has approved a merger of Cascade Insurance and INGO Armenia insurance companies. A statement on Russian Ingosstrakh insurance company, the parent company of INGO Armenia, said in a statement on its official website that the merger has created an ‘unprecedented’ large company with an insurance portfolio of over 8.7 billion drams.

The basic package of shares in the merged company is owned by Russian Ingosstrakh.

Tatiana Kaigorodova, a deputy CEO of Ingosstrakh is quoted as saying that the merger has resulted in an integrated insurance structure, which allows moving to a new level of performance and dramatically improving the quality of services, which will be comparable with international standards adopted by INGO group.

She said as a result less time will be spent on serving a client and the merged company’s branches will shift to a convenient schedule for clients.

“The new insurance company has a very skilled staff and the most extensive network of branches and representative offices in Armenia”, the statement said.

The INGO International Insurance Group, created in 2004, includes insurance companies, as well as companies providing auxiliary and reinsurance services.

INGO ARMENIA was founded in 1997 as an insurance company Efes. In December 2003, 75% of its shares were acquired by Russian Ingosstrakh, after which the company was renamed INGO ARMENIA. Its charter capital stands at 750 million drams.

Cascade Insurance was recorded October 13, 2004. Its shareholders are JSC Cascade Capital Holding (65%) and the European Bank for Reconstruction and Development (35%). -0-

spot_img

POPULAR

Armenia registered an inflation rate of 3.4% in July.

According to the National Statistical Committee (NSC) of Armenia, 12-month inflation in the consumer market amounted to 3.4% in July of this year.

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

Net loan portfolio of Armenian banks in Q2 2025 increased by 6.11% to AMD 6.8 trillion

The combined loan portfolio of 17 Armenia-based commercial banks upped  by 6.11% in Q2 2025 compared to Q1 2025, amounting to AMD 6.82 trillion, according to a ranking compiled by  the ARKA news agency.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

Euro down 0.91 points to AMD 448.43

The average market exchange rate of the US dollar to the Armenian dram as of August 14, 2025, fell by 0.06 points when compared to August 13 and amounted to AMD 383.5.

LATEST NEWS

spot_imgspot_imgspot_img