Moody's Investors service international ratings agency leaves Armeconombank’s ratings unchanged

07.12.2009 14:44
Moody's Investors service international ratings agency leaves Armeconombank’s ratings unchanged

YEREVAN, December 4. /ARKA/. Moody's Investors Service international ratings agency left Armeconombank’s long-term Ba3 ratings on deposits in foreign and national currencies as well as D- financial stability rating unchanged in 2009, just as a year earlier, the press office of the bank reports.

Despite the adverse impact of the global recession on Armenia’s economy and particularly banking sector, Moody's Investors Service leaves Armeconomibank’s ratings unchanged the second consecutive year, the press release says.

“This circumstance proves that the bank’s position on the world market is sustainable and key activity indicators are growing stably.”

According to Armeconombank’s press release, the number of bank’s clients has grown by 20,900 and plastic cards by 11,800 since the beginning of this year.
Individuals’ deposits grew by AMD 1 billion and legal entities’ by AMD 0.8 billion.
The bank’s credit portfolio grew by AMD 1.1 billion and demand deposits by AMD 3.3 billon.

Remarkable is also that Moody's Investors Service’s financial ratings were received by 1,000 best world banks, and Armeconombank was included in the list before other Armenian banks.

Armeconombank applied to Moody’s for ratings in 2006.
As a result, the agency gave E+ financial stability rating and long-term ratings for deposits in drams and foreign currencies to the bank on February 21, 2007.
On April 24, 2007, the agency upgraded the bank’s financial stability rating to D- and long-term ratings on deposits in foreign and national currencies to Ba3.

Armeconombank’s total capital exceeds AMD 8.6 billion.

The bank’s total assets amount to AMD 53 billion, credit investments total AMD 29 billion and individuals’ deposits about AMD 6 billion.

In November 2009, the bank opened a new branch, Shirak.

Now Armeconombank has 35 branches in Armenia and Nagorno-Karabakh Republic. ---0---


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