Mon, 9 June
16.1 C
Yerevan
USD: 384.44 RUB: 4.83 EUR: 434.11 GEL: 140.51 GBP: 515.15

Armenian Development Bank merges with Araratbank

YEREVAN, November 28. /ARKA/. Armenian Development Bank’s shareholders decided Friday at their meeting to merge their bank with Araratbank handing its rights and liabilities over to the latter, according to the report posted at Armenian Development Bank’s official website http://www.armdb.com/upload/ADB_tsanucum.pdf

According to the report, Araratbank will become the full heir of its liabilities from the very moment of the reorganization Armenian Development Bank.

The Armenian Development Bank was established in 1990. Prior to 1996 it operated as Bank of Reconstruction and Development. Its key shareholders are Ruben Hayrapetyan – 19.7%, Rafik Hayrapetyan – 19.4% and Grigor Termenjian – 16.6%.

The bank’s assets totaled AMD 68 billion in late September 2016 (6% decline from the beginning of the year) and liabilities AMD 56.1 billion (8.8% decline). Its capital amounted to AMD 11.8 billion (10.8% growth).

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 10% to RURAL IMPULSE FUND II SA SICAV SIF.

On January 30, 2009, the bank joined NASDAQ OMX Armenia Stock Exchange.

According to ARKA News Agency’s data, the bank’s assets totaled AMD 137.5 billion (3.53% growth) and liabilities AMD 113.4 billion in late September 2016. The bank’s capital amounted to AMD 24 billion.

In late 2014, the central bank put a new requirement to commercial banks – their authorized capital must amount to no less than AMD 30 billion instead of the former 5 billion. In compliance with the requirement, commercial banks started building up their capital or merging. The requirement comes into force on January 1, 2017. ($1 – AMD 479.4). –0—–

spot_img

POPULAR

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

US dollar, euro and Russian ruble exchange rates down against  Armenian dram

The average market exchange rate of the U.S. dollar to the Armenian dram on May 15, 2025, decreased by 1.05 points compared to May 14 and amounted to 386.94 drams.

Top 10 banks of Armenia by loan portfolio for 1st H 2020

ARKA News Agency has singled out ten banks for their big loan portfolios as of June 30, 2020

Armenia’s public debt increased by 6.2% at the end of 2024 – Finance Ministry

Armenia's public debt at the end of 2024 increased by 6.2% compared to the same period in 2023, reaching about 5 trillion drams, said Armenian Finance Minister Vahe Hovhannisyan.

LATEST NEWS

spot_imgspot_imgspot_img