YEREVAN, June 26. /ARKA/. Araratbank intends to acquire a bank or a stock package of a bank, Ashot Osipyan, chairman of the bank’s board, said Friday at Araratbank’s annual assembly.
“We are making preparations for that and we are making every effort to acquire a bank or a stock package of a bank,” he said.
He added that details will be released to public later, since appropriate negotiations are under way now.
Twenty one commercial banks function in Armenia now.
Araratbank was established in 1996. The biggest shareholder of the bank is the oil trader company Flash (64.24%), the European Bank for Reconstruction and Development (EBRD) holds 25% and another 10% is owned by RURAL IMPULSE FUND II SA SICAV SIF company. Ararat joined NASDAQ OMX Armenia stock exchange in 2009.
The bank’s assets in 2014 increased by 10.48% to 138.36 billion drams, its liabilities amounted to 116.69 billion drams having grown by 10.5%, the bank’s capital saw an increase of 10.3% to 21.6 billion drams, its credit investments grew by 10.6% to 65.9 billion drams, while its net profit declined by 6.6% to 2.8 billion drams. —-0——
