YEREVAN, May 11. /ARKA/. On May 6 Armenia's Central Bank confirmed the merger agreement between BTA Bank and Armeconombank, Armeconombank said today.

The merger agreement (BTA Bank merges with Armeconombank) was signed on December 8, 2015 by top managers of  Kazakh BTA Bank and Armeconombank.

The merger will enable Armeconobank to expand its branch network and increase the client base as well as the list of services. The regulatory capital of Armeconombank will reach 27 billion drams

"The merger will further strengthen the market position of Armeconombank, as well as  help Armeconombank make a step forward in lending and investment activities, giving it also the possibility of acquiring new competitive advantages," the bank said in a press release.

Armeconombank was registered in 1991. Its  shareholders are EBRD -20%, Saribek Sukiasyan - 22.6%, Khachatur Sukiasyan - 19.5% and Robert Sukiasyan - 15.3%.

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%. ($ 1 - 479.03 drams). -0-