Authorized capital of Mellat Bank in Armenia built up to required amount

27.10.2016 15:02
Authorized capital of Mellat Bank in Armenia built up to required amount

YEREVAN, October 27. /ARKA/. Yerevan-based Mellat Bank CJSC, fully owned by Iran’s Mellat Bank, has increased its authorized capital in compliance with the new requirement of the central Bank of Armenia, Mohammad Bigdeli, chairman of Mellat Bank CJSC’s board, told journalists on Wednesday.

In his words, the authorized capital was built up to AMD 32.100 billion in September and its normative capital amounts to AMD 31 billion now.

To enhance effectiveness, firmness and stability of banks the Central Bank of Armenia put a new requirement to banks – their capital must amount to no less than AMD 30 billion from January 1, 2017 instead of the present AMD 5 billion.

Iran's Mellat Bank opened its Mellat Bank subsidiary in Armenia in 1996 in accordance with the agreement signed with the Central Bank of Armenia. Initially the bank operated as Iranian Mellat Bank’s branch, but in September 1997 it was reorganized into a subsidiary with CJSC status.

Its authorized capital, amounting to AMD 32,100 billion, has been ensured by the only shareholder – Iranian Mellat Bank. ($1 – AMD 475.55). --0----


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