Wed, 10 September
20.1 C
Yerevan
USD: 382.95 RUB: 4.60 EUR: 450.04 GEL: 142.25 GBP: 519.82

Armenian Araratbank provided with $25 million funding this year

YEREVAN, November 16, / ARKA /. Araratbank CEO Ashot Osipyan said today the amount of funding provided by various international lending institutions to the bank this year reached $25 million. In his words, funds from various international financial and trade organizations constitute about 45% of the bank’s capital.

Osipyan said this policy is designed to diversify the bank’s resources.  In late October Araratbank signed an agreement to sell 10 percent of its shares to Belgian Incofin Investment Management.  The 10 percent stake was estimated at about $5-$6 million

Osipyan said today that part of the funding will be used to open new branches and raise their number from current 42 to 60.

Araratbank, the successor of Haykap bank, was established in 1991. Its capital as of September 30, 2012 amounted to 14.9 billion drams, liabilities to 84 billion drams. Its assets at the end of third quarter 2012 stood at 98.9 billion drams, the credit portfolio at 48.7 billion drams, and individual term deposits at 17.3 billion drams. Its net profit in the third quarter amounted to 2.9 billion drams.

The bank runs 43 branches in the capital and regions. Some 64.18 percent of the bank is owned by Barsegh Beglaryan, 25 percent by EBRD and 10 percent by Belgian Incofin Investment Management. ($1 – 407.71 drams). -0-

spot_img

POPULAR

3.6% inflation registered in Armenia in August

n the consumer market of Armenia, 12-month inflation in August of this year amounted to 3.6%, according to the report of the National Statistical Committee (NSC) of Armenia.

Cryptocurrency in Armenia: Stringent Regulations and Elevated Expectations

The future of cryptocurrencies in Armenia was a topic of discussion among participants at the Armenian Cryptocurrency Assets Forum, which recently took place in Yerevan.

Average settlement rate of dram to USD in August 1.3% lower than a year ago

In August 2025, the average settlement rate of the Armenian dram to the US dollar was 382.2 drams, reflecting a decrease of 1.3% compared to the same figure in August 2024, which was 388.1 drams, according to the National Statistical Committee.

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.

LATEST NEWS

spot_imgspot_imgspot_img