YEREVAN, February 22. /ARKA/. Armenian Development Bank is preparing its initial public offering for late 2013, Karen Sargsyan, chairman of the bank’s board, said Wednesday in Novosti International Press Center.

“Our securities are listed at the stock exchange and they are floating now,” he said.

Sargsyan said that Armenian Development Bank has no intention to issue bonds this year, since the bank’s capital is sufficient for implementation of its three-year strategic program.

According to ARKA News Agency’s data, the bank’s capital exceeds AMD 7.8 billion.

Armenian Development Bank started functioning in 1991. The bank has 75 shareholders, 40% of which are nonresidents. Residents hold 52% of the bank’s capital, and 48% belong to nonresidents.

There are 13 legal entities among the shareholders. Toe of these legal entities are international organizations.

The bank has shareholders in the United States, Russia, France, Germany, Italy, Canada, Spain, Sweden, Australia and Brazil.-0---