YEREVAN, June 27. /ARKA/. Armeconombank has already embarked on placement of the 13th emission of its stocks and is planning to complete the process in late September, Saribek Sukiasyan, the chairman of Armeconombank’s board, said Friday at an annual assembly of the bank’s shareholders.

In his words, the total amount of the stocks is AMD 5 billion and the cost of one stock is AMD 14,600.

“The previous placement showed the growing confidence in Armeconombank allowing us to increase the number of shareholders by about 1600 to more than 3,000,” he said.

Sukiasyan said that this placement and merger with BTA Bank (Armenia) will make it possible to comply with the central bank’s requirement to the country’s banks, which, following the regulator’s demand, have to build up their capital to at least AMD 30 billion by January 2017.

In late December, 2014, the Central Bank of Armenia increased its requirement to banks’ capital from AMD 5 billion to AMD 30 billion saying that the decision will come into force on January 1, 2017.

In May 2016, ProCredit Bank stopped operating in Armenia after merging with Inecobank.

In the same month, the central bank gave its preliminary confirmation to BTA Bank (Armenia) and Armeconombank’s merger agreement.

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

Armeconombank’s assets totaled AMD 108.2 billion and liabilities AMD 88.5 billion in the first quarter of 2016.

Its total capital amounted to AMD 19.7 billion, authorized capital 6.33 billion and loan portfolio AMD 57.2 billion.

The bank earned AMD 104.5 million as net profits over the first quarter.
Armeconombank has 41 branches, of which 20 are located in Yerevan, 20 in Armenia’s provinces and one in Nagorno-Karabakh Republic. ($1- AMD 476.02). --0—