YEREVAN, August 6. /ARKA/. Armenian Armeconombank has opened a new branch in Yeghegnadzor, the bank’s press office reported on Wednesday.

This is the bank’s 36th branch in the country and 18th outside of Yerevan.

By opening this new branch Armeconombank has ensured its presence in all the provinces of Armenia.
“The opening of this branch was aimed at catering for the population and economic entities’ present demand for high-quality banking services,” the press release says.

The Yerghegnadzor branch will provide all the types of banking services, such as reception of time and demand deposits, extension of commercial and consumer loans, provision of payment services and financial consultations, opening and serving of banking accounts and operating of money transfers through international systems.

The branch is well-equipped for serving clients.

Armeconombank was registered on August 26, 1991.

European Bank for Reconstruction and Development holds 25%+one share and 53.4% of the bank shares belong to Sukiasyans, the family that had established the bank.

According to ARKA News Agency’s data, Armeconombank’s assets totaled AMD 45.1 billion and liabilities AMD 36.7 billion by June 30, 2010.

The bank’s total capital amounted to AMD 8.4 billion, authorized capital AMD 2.3 billion and credit portfolio AMD 24 billion by late June.

Its liabilities to clients totaled AMD 23.2 billion.

The bank’s net losses for the first half of this year totaled AMD 162.9 million. ($1= AMD 368.58). –0--