YEREVAN, February 25. /ARKA/. Ingo Armenia insurance company said it has opened two more branches Demirchian and Piazza Grande.

The Central Bank of Armenia (CBA) said the decision was approved by CBA governor. The Demirchain branch is located at 28, Demirchain street and Piazza Grande at 20, Vazgen Sargsyan street on the first floor of Piazza Grande Business Center.

Ingo Armenia insurance company was established in 1997 as Efes cjsc. In 2003 75% of its shares were acquired by Russian Ingostrakh insurance company and Efes was renamed Ingo Armenia. Twenty-five percent of the company is owned by Levon Altunian. Its charter capital is 750.1 million Drams. As of December 31, 2010 its total assets were worth 4.2 billion Drams, total liabilities stood at 2.5 billion Drams and the total capital at 1.6 billion Drams. In 2010 the company’s suffered 60 million Drams in net losses. -0-