YEREVAN, October 26. /ARKA/. European Bank of Reconstruction and Development (EBRD) and Armeconombank signed an agreement to extend participation of EBRD in the charter capital of Armeconombank, press-service of the Bank informed ARKA News Agency.

“During the official ceremony of signing the agreement the parties highly appreciated seven-year participation of EBRD in the charter capital of Armeconombank on the basis of which EBRD the first time in Armenia carried out decision to extend the dates of its participation for another three years”, states the press-release.

Mutually beneficial long-term cooperation of the Bank and EBRD which is a strategic shareholder of the Bank with the share of 25% +1 share, assisted in stable and effective development of Armeconombank forming a structure with innovative thinking and operating on the basis of the principles of planning and budgeting, high cooperative culture, principles of risk management and internal control.

“Extension of participation of EBRD in the charter capital of Armeconombank will assist the further development of the bank by expanding its international recognition in the world, productive cooperation of the bank with new reliable partners, innovative banking technologies and the offered range of services targeted at modernization of the country’s economy”, states the press-release.

Armeconombank was registered on August 26, 1991. Over 78% of the shares of the bank belongs to the main shareholders - EBRD (25%+1 share) and the founders of “SIL” concern – the family of entrepreneurs Sukiasians (53.4%).

As of October 24, 2011 the assets of the banks were 61.2 billion drams, total capital - about 9.1 billion drams, capital investments – 29.1 billion drams, liabilities to the clients of the bank – about 10.2 billion drams.

The Bank has 38 branches in Armenia and 1 branch in Nagorno-Karabakh Republic. –0--