Armenia’s Araratbank to pay special attention to digital banking and investment services in 2017

22.12.2016 13:17
Armenia’s Araratbank to pay special attention to digital banking and investment services in 2017

YEREVAN, December 22. /ARKA/. Armenia’s Araratbank will pay special attention to digital-banking and investment services in 2017, Ashot Osipayn, Araratbank executive director, told journalists on Wednesday.

In his words, the bank has already decided its strategy for 2017. The strategy will have three key focuses – classic bank, digital bank and investment banking.

He said that plenty will be changed in classic naming after completion of integration with the Armenian Development Bank. In particular, it will enhance its effectiveness and it will operate as a classical commercial bank.

“Along with that, we are launching digital bank, which will be developing all electronic products,” Osipyan said. “We have already the first electronic products and solutions, including mobile banking and terminal business, and in 2017, digital banking will become one of the key development focuses.”

Investment banking will be introduced as well. Osipyan said that Araratbank took the first steps toward that this year providing consulting at the market acting as market-maker for two banks, organizing issue of bonds for a credit organization and performing depository transactions.

“We see development prospects in this area and intend to introduce the newest foreign investment banking technologies, which are lacking today in Armenia,” Osipyan said.

Araratbank, the heir of Armsvyaz bank, was established in 1991.

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

Araratbank became a NASDAQ OMX Armenia stock exchange participant on January 30, 2009.

The bank’s assets totaled AMD 137.5 billion in the third quarter of this year (4.16% growth) and liabilities AMD 113.4 billion (3.53% growth).

It capital amounted to AMD 24 billion (7.2% growth). ($1 – AMD 480.68). --0---

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