Armeconombank's normative capital to amount to AMD 23 billion after merger with BTA Bank

21.03.2016 16:04
Armeconombank's normative capital to amount to AMD 23 billion after merger with BTA Bank

YEREVAN, March 21. /ARKA/. Armeconombank's normative capital will amount to AMD 23 billion after merger with BTA Bank, the pres office of Armeconombank reported on Friday.
Its normative capital amounted to AMD 13.2 billion in 2015.

The memorandum on the merger of the banks was signed December 8 in Almaty (Kazakhstan) by top managers of BTA Bank Armenia and Armeconombank.

According to the press release, shareholders of both banks, at their extraordinary meetings were unanimous in approving the merger.

An appropriate contract will be submitted to the Central Bank of Armenia very soon.

The banks decided to merge to increase their capital in compliance with the central bank’s demand to commercial banks that obliges them to have no smaller than AMD 30-billion capital starting from January 1, 2017 instead of the 5 billion they must have now.

The central bank took this step to prompt commercial banks to merge and to improve their services, which will contribute to formation of healthy competition environment.

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 stood at 108.7 billion drams in 2015 (growth of 18.36%), its liabilities stood at 97.7 billion drams (up 20.92%), the capital was worth 11 billion drams (a decline of 0.34%). The bank closed the year with 368.7 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 totaled 14.9 billion in 2015 (9.21% decline) and its liabilities AMD 9.6 billion (11.2% decline). Its capital amounted to 5.3 billion (5.52%). The bank closed the year with losses amounting to AMD 187.3 million. ($1 – AMD 486.07). --0----


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