YEREVAN, April 26. /ARKA/. Aggregate assets of Armenia’s five biggest banks have grown 2.89% since the beginning of this year to AMD 1 860.28 billion by the end of the first quarter, according to a fresh issue of ARKA News Agency’s quarterly bulletin ‘Banks of Armenia’.

Ameriabank, Ardshinbank, VTB Bank (Armenia), Armbusinessbank and ACBA-CREDIT AGRICOLE BANK are singled out as the biggest banks for their assets.

Ardshinbank’s assets grew 15.14% over the first quarter to AMD 461.1 billion.

Ameriabank’s assets shrank 1.58% to AMD 507.7 billion. VTB Bank (Armenia) increased its assets by 1.48% to AMD 314.7 billion. Armbusinessbank’s assets reduced by 3% to AMD 297.3 billion and ACBA-CREDIT AGRICOLE BANK’s assets grew 1.65% to AMD 279.2 billion.

Twenty banks operated in Armenia in the first quarter of 2016.

In 2015, Inecobank acquired 100% of ProCredit Bank’s shares.

The top five banks’ assets made up 53% of the total assets of the country’s 20 banks, which amounted to AMD 3 507.7 billion in the first quarter. ($1– AMD 479.13). --0----