YEREVAN, August 25. /ARKA/. BTA Bank CJSC has terminated its activity and his successor is now Armeconombank, the press office of the Central Bank of Armenia told ARKA News Agency on Thursday.

On August 24, 2016, the regulator registered the act of BTA Bank handover to Armeconombank and upheld the renewed regulations of the latter.

The central bank voided BTA Bank’s license. The decision comes into force from the very moment of the signing.

According to the press release, Armeconombank OJSC and BTA Bank CJSC have decided to merge, and the merger was confirmed and registered by the central bank on June 14.

The banks have passed through all the procedures necessary for merging, and after that the handover deal has been effected.

All the branches and the head office of BTA Bank CJSC will operate as Armeconombank OJSC’s offices.

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 114.1 billion and liabilities AMD 95.6 billion by the end of the second quarter of 2016. The bank ended the first half of this year with profits amounting to AMD 116.5 million. ($1 – AMD 474.34). --0----