Armenian Development Bank merges with Araratbank

28.11.2016 14:12
Armenian Development Bank merges with Araratbank

YEREVAN, November 28. /ARKA/. Armenian Development Bank’s shareholders decided Friday at their meeting to merge their bank with Araratbank handing its rights and liabilities over to the latter, according to the report posted at Armenian Development Bank’s official website

According to the report, Araratbank will become the full heir of its liabilities from the very moment of the reorganization Armenian Development Bank.

The Armenian Development Bank was established in 1990. Prior to 1996 it operated as Bank of Reconstruction and Development. Its key shareholders are Ruben Hayrapetyan - 19.7%, Rafik Hayrapetyan – 19.4% and Grigor Termenjian - 16.6%.

The bank’s assets totaled AMD 68 billion in late September 2016 (6% decline from the beginning of the year) and liabilities AMD 56.1 billion (8.8% decline). Its capital amounted to AMD 11.8 billion (10.8% growth).

Araratbank, the heir of Armsvyaz bank, was established in 1991. European Bank for Reconstruction and Development holds 25% of the bank’s shares, 64.25% of the shares belong to Flash petrol trader and 10% to RURAL IMPULSE FUND II SA SICAV SIF.

On January 30, 2009, the bank joined NASDAQ OMX Armenia Stock Exchange.

According to ARKA News Agency’s data, the bank’s assets totaled AMD 137.5 billion (3.53% growth) and liabilities AMD 113.4 billion in late September 2016. The bank’s capital amounted to AMD 24 billion.

In late 2014, the central bank put a new requirement to commercial banks – their authorized capital must amount to no less than AMD 30 billion instead of the former 5 billion. In compliance with the requirement, commercial banks started building up their capital or merging. The requirement comes into force on January 1, 2017. ($1 – AMD 479.4). --0-----

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