EBRD and Sukiasyan brothers will remain major shareholders of Armeconombank after its merger with BTA Bank in Armenia

28.12.2015 18:31
EBRD and Sukiasyan brothers will remain major shareholders of Armeconombank after its merger with BTA Bank in Armenia

YEREVAN, December 28. /ARKA/. The European Bank for Reconstruction and Development (EBRD) and the Sukiasyan brothers will remain major shareholders of Armenian Armeconombank after its merger with BTA Bank in Armenia is formalized, one of the brothers, Saribek, said in an interview with "Hraparak" daily.

The memorandum on the merger of the banks was signed December 8 in Almaty (Kazakhstan) by top managers of BTA Bank Armenia and Armeconombank. Saribek Sukiasyan said the brothers plan to buy the stakes held currently by shareholders of BTA Bank, but he added that at the moment it was difficult to calculate the size of Armeconombank's capital after the merger.

"It is obvious that after the merger with BTA Bank Armenia the level of Armeconombank's capitalization will grow, but specific numbers at this point are not available,' he said.

Armeconombank founded in 1991 is owned by EBRD -20%, Saribek Sukiasyan- 22.6%, Khachatur Sukiasyan - 19.5% and Robert Sukiasyan - 15.3%. The bank's assets at the end of September stood at 99.5 billion drams (a growth of 8.27% from the beginning of the year), its liabilities stood at 88.6 billion drams (up 9.61%), the capital was worth 10.9 billion drams (a decline of 1.51%). The bank closed the first 9 months of 2015 with 199.9 million drams worth profit.

BTA Bank was founded in 1991. Its shareholders are BTA Bank (Kazakhstan) – 65.2%, ZRL Beteilingungs (Austria) -31.1% and PSC AMK-Invest LLC- 3.7%. The bank's assets in late September, 2015 stood at 14.4 billion drams, a drop of 11.9% from the beginning of the year. Its liabilities slashed by almost 17% to 9 billion drams and its capital was worth 5.4 billion drams. The bank closed the first 9 months of 2015 with 1.8 million drams losses. ($1-480.46 drams). -0-


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