Armeconombank’s normative capital to reach AMD 27 billion after its merger with BTA Bank (Armenia)

15.08.2016 14:43
Armeconombank’s normative capital to reach AMD 27 billion after its merger with BTA Bank (Armenia)

YEREVAN, August 15. /ARKA/. Armeconombank’s normative capital will reach AMD 27 billion after its merger with BTA Bank (Armenia), the press office of Armeconombank reported after the two banks’ shareholders met on Monday.

Armeconombank’s assets will total AMD 134 billion and liabilities AMD 110 billion after the merger.

On May 6, the Central Bank of Armenia gave its preliminary approval to the two banks’ merger agreement.

According to the press release, the shareholders upheld Armeconombank’s amended regulations and the handover act, which will be submitted to the central bank for registration.

“In three day from the moment of the handover act confirmation by the regulator BTA Bank’s license will become not valid,” Armeconombank says in its press release.

The press office says that the merger will allow Armeconombank to strengthen its position in Armenia’s banking sector and will give it new competitive advantages.

As a result of the merger, the number of branches will reach 46 and ATMs 100. The number of clients will increase as well and the range of services will expand.

Armeconombank was registered in 1991. Its shareholders are EBRD (11.05%), Saribek Sukiasyan (25.98%), Khachatur Sukiasyan (14.38%), Robert Sukiasyan (14.97%) and Eduard Sukiasyan (11.18%).

Armeconombank’s assets totaled AMD 114.1 billion and liabilities AMD 95.6 billion by the end of the second quarter of 2016. Its total capital amounted to AMD 18.5 billion.

BTA Bank was established in 1991. Its shareholders are BTA Bank (Kazakhstan) – 65.2%, ZRL Beteilingungs (Austria) -31.1% and "PSC AMK-Invest" LLC- 3.7%. ---0----


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