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-
