YEREVAN, June 12. /ARKA/. Araratbank said Friday it has issued for the ninth time registered foreign currency non-documentary coupon bonds totaling $2 million.
“We started issuing bonds which are an alternative to bank deposits in 2007,” David Harutyunyan, deputy executive director of the bank, is quoted in the news release. “This time we issued 80,000 bonds worth $25 each. Their maturity term is 36 months and interest rate is 7.5%.”
Harutyunya said the placement of the bonds will start on June 15 and will be completed on June 26.
He also said that the year 2014 was successful for Araratbank, since it built up its assets and loan portfolio and had its liabilities increased by 11%.
Its total capital reached AMD 21.7 billion, and the bank’s profit was larger than ever – AMD 2.8 billion against 1.3 billion before that.
Konstantin Saroyan, head of NASDAQ OMX Armenia stock exchange, on his side, welcomed the bond emission saying that interests from bonds are becoming more attractive than bank deposits. He called on investors to invest their money in bonds, particularly in Araratbank’s bonds, without delay.
Araratbank OJSC, the heir of ArmSvyaz, was established in 1991. In October 1996, the bank received its license. European Bank for Reconstruction and Development Flash Company holds 64.24% of Araratbank’s shares, 25% belong to the Euroepan Bank for Reconstruction and Development and 10% to RURAL IMPULSE FUND II SA SICAV SIF. —-0—–
