YEREVAN, June 17. /ARKA/. Araratbank will issue additional shares to replenish its capital in accordance with the latest requirements of the Central Bank, bank's deputy board chairman Davit Harutyunyan said today during the bank’s annual meeting of shareholders.

In 2014 December Armenia’s Central Bank raised the minimum amount of commercial banks’ total capital to 30 billion drams from the current 5 billion drams from January 1, 2017. According to a Central Bank, the measure is aimed at encouraging mergers and consolidation of banks, which is expected to create a sound competitive environment and make banking services more available."

According to David Harutyunyan, Araratbank plans to issue 483,230 shares with face value of AMD 17,590, which will replenish the bank's capital by 8.5 billion drams. The additional issue will be conducted from July 20th to September 30th.

"All shareholders who wish to purchase additional shares should submit applications before July 19th. The shares that will not be placed before that date will be placed on the principle of priority treatment," said Harutyunyan.

Araratbank founded in 1991 is owned by Flash Company (64.25%), EBRD (25%) and RURAL IMPULSE FUND II SA SICAV SIF (10%). Araratbank joined NASDAQ OMX Armenia in 2009 January.

In the first quarter of 2016, the bank's assets stood at 130.6 billion drams (a decline of 1% since the beginning of the year; liabilities stood at 107.9 billion drams (a decline of 1.45%), total capital was worth 22.7 billion drams (up 1%) and profit for the first quarter was 176.7 million drams. ($1- 477. 86 drams). -0-