Mellat Bank Yerevan to open branch in Georgia

10.05.2017 18:32
Mellat Bank Yerevan to open branch in Georgia

YEREVAN, May 10. /ARKA/. Mellat Bank Yerevan, a subsidiary of Iran’s Bank Mellat, will open a new branch in Georgia by the end of the first half of the current Iranian year (Sept. 22), Bank Mellat’s chief executive said, according to Financial Tribune.

“We have obtained the permission to establish a branch in Tbilisi and plan to start employing staff,” Hadi Akhlaghi was also quoted as saying by IBENA on Sunday.

Bank Mellat opened a subsidiary in Armenia in 1996 in accordance with the agreement signed with the Central Bank of Armenia. Initially the bank operated as a branch of Iran’s Bank Mellat, but in September 1997 it was reorganized into a subsidiary with a closed joint-stock company (CJSC) status, which denotes a joint stock company with a limited number of shareholders.

Back in October 2016, it was announced that Yerevan-based Bank Mellat CJSC, fully owned by Iran’s Bank Mellat, increased its authorized capital in compliance with the new requirement of the Central Bank of Armenia. The bank also opened its new headquarters in Yerevan. -0-


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