YEREVAN, March 4. / ARKA /. Artsakh Bank’s authorized capital has increased by 4.5 billion drams to 11 billion drams due to a new shareholder, which is Business Fund of Armenia, the bank said in a statement posted on its official website.
It said the increased capital will be used to implement priority development programs, such as improving customer services, stimulating universal banking services and more diversified lending through microfinance programs.
On February 10, Arthur Mkhitaryan was elected as new CEO and board chairman of Artsakh Bank.
The bank’s assets at the end of 2014 stood at 88.7 billion drams, a decline of 1.35% from the year before. Its liabilities grew by 1.57% to 77.5 billion drams; its capital slashed by 17.7 percent to 11.2 billion drams and its credit investments upped by 2.54% to 63.6 billion drams.
Last year the bank sustained a loss of 1.7 billion drams compared to 1 billion drams in profit in the previous year.
Artsakhbank was founded in 1996. It is a founding member of the national payment system ArCa. -0-
