Thu, 3 April
18.1 C
Yerevan
USD: 391.16 RUB: 4.65 EUR: 422.18 GEL: 141.47 GBP: 505.97
spot_img

Armenian Ardshinbank acquires Areximbank- Gazprombank Group

YEREVAN, October 11. /ARKA/. On October 7, 2016 all the shares of the Yerevan-based and Russian-owned Areximbank-Gazprombank Group were acquired by another Russia-based financial and industrial corporation called Region, whose sole shareholder is the ultimate beneficiary and chairman of board of Armenian Ardshinbank Karen Safaryan.

In a joint statement the banks said the next stage of the deal is their merger as prescribed by Armenian legislation.

“As a result of the acquisition Ardshinbank will become the largest bank in Armenia, including, by size of capital, assets and branch network. After the merger Ardshinbank ‘s total capital will grow to 74 billion drams, the assets will increase up to about 540 billion drams and the sales network will expand to 72 universal branches “,  according to the statement.

The press release says the deal will significantly enhance the ability of Ardshinbank to provide customers with a wider range of quality banking services both to corporate and retail businesses. ‘Thus, Ardshinbank will further strengthen its leading position in the Armenian banking system and get a competitive advantage in the market,’  the statement says.

Ardshinbank (until November 2014 Ardshininvestbank CJSC) was founded in 2003. It has 56 branches,  one service point and an office in Paris.

At the end of the second quarter Ardshinbank’s assets stood at 452.7 billion drams (a 13% growth from the beginning of the year), liabilities – at 401.5 billion drams (14% growth), total capital – at 51.3 billion drams (5.9% growth), the authorized capital – at 19.6 billion drams, credit investments – at 310.5 billion drams (13.16% growth). The bank’s profit in the first half of the current year amounted to over 2. 2 billion drams (47.56% growth).

Areximbank-Gazprombank Group was founded in 1998; it has 16 branches and 1 service point. Its assets at the end of the second quarter amounted to 97.9 billion drams (4.8% growth), liabilities –at 75 billion drams (growth of 6. 6%), total capital – at 22.9 billion drams (decline by 0.74%), the authorized capital – at 30.59 billion drams, credit investments – at 39.7 billion drams (decline of 5.17%). The bank closed the first half of 2016 with a loss of 183.4 million drams.

The financial and industrial corporation Region was founded in 2006 and since its inception it has been engaged in investment activities in the Republic of Armenia. ($ 1 – 475.34 drams) -0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

Arka news agency’s ranking of most profitable Armenian banks in 2019

In 2019, Armenia-based commercial banks earned a total of 78.8 billion drams in net profit, up from 56.4 billion drams they had earned in 2018, according to ARKA news agency's ranking of the most profitable commercial banks in the fourth quarter of 2019

Top ten Armenian banks by size of lending in 2019

In 2019, the overall loan portfolio of Armenia's banking sector grew by 16.4% to 3.572.2 trillion drams

LATEST NEWS

spot_imgspot_imgspot_img