YEREVAN, November 25. /ARKA/. Araratbank OJSC will embark on building up its capital in early 2016, David Harutyunyan, deputy executive director of the bank, told ARKA News Agency.
“Taking into account the fact that Araratbank is an open joint stock company, we can say that the capital replenishment process will last five to six months,” he said. “There are regulatory requirements and we will start the replenishment in 2016.”
In late 2014, the Central Bank of Armenia decided to increase its requirement to minimum capital of commercial banks from AMD 5 billion to AMD 30 billion.
Araratbank, the heir of Armsvyaz bank, was established in 1991. European Bank for Reconstruction and Development holds 25% of the bank’s shares, 64.25% of the shares belong to Flash petrol trader, and less than 10% to RURAL IMPULSE FUND II SA SICAV SIF.
According to ARKA News Agency’s data, the bank’s assets totaled AMD 62.9 billion and liabilities AMD 52.7 billion in late December 2010. The bank’s total capital amounted to AMD 10.3 billion and net profit for 2010 about AMD 1.3 billion drams.
The bank’s assets totaled AMD 125.78 billion in late September after shrinking 9% since the beginning of this year and liabilities amounted to AMD 103.4 billion showing a 11.36% decline. Its capital grew 3% to AMD 22.3 billion. ($1- AMD 481.37). —-0—
