YEREVAN, May 31, /ARKA/. Privately-owned Armenian Araratbank’s executive director Ashot Osipyan said today the bank’s capital will be increased by 1.02 billion Drams. Speaking to journalists after the annual meeting of the bank’s shareholders, he said the decision was approved unanimously.

Thanks to this decision the EBRD is increasing its capital in Araratbank by 255 million Armenian Drams (approximately $600,000), through a subscription to new shares. He said EBRD’s stake will remain 25%+1 share.

Araratbank provides a full range of banking services, focusing primarily on micro, small and medium-sized enterprises and retail clients. Some 74.1% of its shares belong to Barsegh Beglarian, the owner of Flash petrol trader.

According to ARKAs data, on March 31 Araratbank’s assets stood at 41.2 billion Drams, liabilities-at 33 billion Drams, its total capital was worth 8.3 billion Drams, chartered capital was worth 6.1 billion Drams, credit investments-18.9 billion Drams. In the first quarter of this year it earned 304 million Drams in net profits.

The EBRD became a shareholder of Araratbank in 2008. Previously the Bank provided Araratbank with a $5 million credit line for micro, small and medium-sized enterprises, $2 million under the Bank’s Medium-Sized Co-financing Facility Framework for provision of corporate loans to medium and large-sized enterprises, and a $2 million trade finance facility. Since the beginning of its operations in Armenia, the EBRD has committed over €393 million in 77 projects in the financial, corporate, infrastructure and energy sectors. M. M. -0-