YEREVAN, February 14. /ARKA/. The advertising and representation expenses of 17 Armenia-based commercial banks grew by 10% in 2016 from the previous year to about 4 billion drams, according to a ranking compiled by ARKA news agency. Of 17 operating banks 7 banks reduced their advertising and representation expenses last year.
According to the ranking, the top five banks by size of advertising and representation expenses were Ameriabank, Ardshinbank, ACBA-CREDIT AGRICOLE BANK, Armeconombank and Unibank.
Ameriabank’s relevant expenses surged by 44.4% to 651.5 million drams. Ardshinbank’s expenses decreased by 13.7% to 600.1 million drams. Advertising and representation expenses of ACBA-CREDIT AGRICOLE BANK in the reporting period declined by 18.5% to 568.1 million drams.
Armeconombank’s relevant expenses over the past year increased by 63.8% to 492 million drams and Unibank increased its advertising and representation expenses by 27.7% to 448.1 million drams.
The ranking was compiled based on ARKA news agency’s bulletin “Banks of Armenia.”
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