YEREVAN, July 7. /ARKA/. The Central Bank of Armenia approved July 6 a decision to suspend the activities of three branches of Inecobank- Malatia -2, Nor Nork -2 and Artashat – 2.
The regulator did not elaborate but the decision in all likelihood is prompted by the merger of Inecobank with ProCredit Bank, approved by the regulator on April 26. On May 10 the regulator recognized Inecobank as the successor of ProCredit Bank.
Inecobank was registered in 1996. In the first quarter of 2016 Inecobank’s assets stood at 217.5 billion drams, liabilities – at 175.4 billion drams, total capital – at 42.1 billion drams, authorized capital – at 22.3 billion drams, credit investments – at 153.8 billion drams.
Net profit in the first quarter 2016 amounted to 1.2 billion drams. ($ 1 – 476.93 drams). -0-
