Tue, 29 April
16.1 C
Yerevan
USD: 389.46 RUB: 4.73 EUR: 441.92 GEL: 141.70 GBP: 519.38
spot_img

Areximbank-Gazprombank Group to increase its authorized capital stock by over 4.7 billion drams ($10 million)

YEREVAN, July 3. /ARKA/. An extraordinary general meeting of shareholders of Areximbank-Gazprombank Group on June 30 decided to increase the bank’s authorized capital stock by over 4.7 billion drams which is the equivalent of $10 million, the bank said in a press release.

Areximbank-Gazprombank Group’s sole shareholder is Russian Gazprombank that will issue 90,400 additional ordinary shares to increase the bank’s authorized capital stock to about 30.6 billion drams or about $65 million.

This is expected to make Areximbank-Gazprombank Group a leader in the banking sector of Armenia in terms of authorized capital stock size.

The move is meant to meet Armenian Central Bank’s decision raising the minimum capital of local commercial banks from current 5 billion to 30 billion drams effective from January 1, 2017.
Earlier this year, in 2015 January, Gazprombank had already increased the authorized capital stock of its Armenian subsidiary by 9.4 billion drams or $20 million.

Areximbank- Gazprombank Group has become the sixth of 21 operating banks in Armenia to meet the regulator’s revised requirement.

“Prospects of economic cooperation between Russia and Armenia within the single economic and customs space make investments by large Russian investors in the banking sector of Armenia highly attractive, including investments by Gazprombank. Despite the crisis, the shareholder has set serious tasks for the bank for introduction of new interesting projects and offers for customers,” the press release says.

Gazprombank is one of the three largest banks in Russia, and the sole shareholder in Areximbank- Gazprombank Group.

Currently Areximbank is actively developing cash and settlement transactions, lending, project financing, SME financing, providing also a wide range of services to individual customers
Areximbank – Gazprombank Group was founded in 1998.

The Bank’s capital as of April 1, 2015 stood at 25.5 billion drams, having increased by 60% form the beginning of the year; its authorized capital was worth 25.8 billion drams. The assets of the bank amounted to 107.3 billion drams, liabilities to 81.7 billion drams and credit investments to about 67.5 billion drams. ($ 1- 472.45 drams). – 0-

spot_img

POPULAR

Euro exchange rate down 1 point, while US dollar and ruble up

The average market exchange rate of the U.S. dollar to the Armenian dram on April 25, 2025, rose by 0.77 points compared to April 23 and amounted to AMD 390.33.

Armenia may access $25 mln from the IMF under the SBA agreement in June

An International Monetary Fund (IMF) team led by Iva Petrova visited Yerevan from March 31 to April 10, 2025, to conduct discussions for the fifth review under the Stand-By Arrangement (SBA) with Armenia.

Instruments for supporting SMEs in Armenia were discussed with bankers at the Ministry of Economy

Financial instruments for supporting small and medium-sized businesses (SMEs) were discussed by Deputy Minister of Economy of Armenia Lilia Sirakanyan and bank representatives.

Armenia ratifies EUR 10.1 million investment agreement with EIB on Yerevan’s Second Energy Efficiency Program

The Armenian Parliamentary Committee on Financial, Credit and Budgetary Affairs gave a positive conclusion at its meeting on Friday on the ratification of the agreement on the investment grant for the "Second Yerevan Energy Efficiency Program" in the amount of EUR 10.1 million.

In February, deposits in Armenian banks grew by 1%, loans decreased by 0.1% due to dram funds

In February 2025, deposits in Armenian commercial banks grew by 1% (MoM), while loans decreased by 0.1% (MoM), in both cases the changes were due to funds denominated in drams.

LATEST NEWS

spot_imgspot_imgspot_img