Araratbank to start building up its capital in 2016

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—

spot_img

POPULAR

Armbanks Weekly Digest: Key Events in the Armenian Financial Market (September 14–20)

This week, Armenia's financial agenda was shaped by changes in monetary policy direction, the cost of bank funding, inflation, and the situation in the foreign exchange market.

Armenia proposes EBRD expand SME support to diversify exports

Armenian Minister of Economy Gevorg Papoyan and a delegation from the European Bank for Reconstruction and Development (EBRD)—led by Elisabetta Falcetti, Managing Director for Turkey and the Caucasus—agreed to advance their cooperation agenda during a meeting on Thursday.

Rate.Trading: Currency Exchange on a New Digital Platform

The development of digital financial services today involves not only improving existing banking products but also creating specialized platforms that make financial services more efficient and accessible.

“IKO Machinery” LLC’s bonds, totaling AMD 1.1 billion listed on AMX

The Armenia Securities Exchange (AMX) today welcomed the entry into the capital market of "IKO Machinery" LLC, a company operating in both Armenia and international markets.

IDBank and the “Dekavva Fund” Stand with People from Artsakh

As part of the “Side by Side” initiative, IDBank has launched a new partnership, this time supporting families forcibly displaced from Artsakh who are currently living in the Sevan community.

LATEST NEWS

spot_imgspot_imgspot_img