YEREVAN, December 20. / ARKA /. The Central Bank of Armenia has approved a merger agreement concluded by the Armenian Development Bank and Araratbank. The Central Bank registered the agreement on 15th of December.

"After the completion of contractual measures the Araratbank and the Armenian Development Bank will ask formally the Central Bank to register the deal. As a result, Ararattbank will become the legal successor to the Armenian Development Bank ", the regulator said.

The Armenian Development Bank (ADB) was established in 1990. Before 1996, it operated under the name Reconstruction and Development Bank. The major shareholders are Ruben Hayrapetyan - 19.7%, Rafik Hayrapetyan - 19.4% and Grigor Termenjyan - 16.6%.

The bank's assets at the end of September 2016 stood at 68 billion drams, a decline of 6% since the beginning of the year; its liabilities stood at 56.1 billion drams, an 8.8% decline and the capital – at 11.8 billion drams, a growth of 10.8%.

Araratbank, the successor to Armsvyazbank, was established in 1991. Some 64.25% of its shares are owned by Flash oil trader company, 25% - by the EBRD, and 10% - by RURAL IMPULSE FUND II SA SICAV SIF. In 2009 Ararartbank became a member of NASDAQ OMX Armenia.

In Late September the bank's assets totaled 137.5 billion drams (an increase of 4.16%), liabilities stood at 113.4 billion drams (up 3.53%) and the capital was worth 24 billion drams (7.2% growth). -0-