Tuesday, January 18 2011 10:50

In 2010 ArmBusinessBank increased its credit portfolio to 76.8 bln AMD


ArmInfo. In 2010 ArmBusinessBank (ABB) increased its credit portfolio by 17 bln AMD to 76.8 bln AMD. ABB told ArmInfo that the bank's assets grew to 118 bln AMD.

According to the source, as of 1 January 2011, the total capital of the bank amounted to 17.881 bln AMD, having annually grown by 1.7 bln AMD. The authorized capital made up 13.450 bln AMD, having remained the same over the period under review. ABB completed the year 2010 with 4.2 bln AMD net profit, which is by 1.7 bln AMD more than in 2009.

By the end of 2010 the bank's liabilities exceeded 100 bln AMD (22.8 bln AMD annual growth). In the structure of liabilities the share of time deposits made up 37.8 bln AMD (14.8 bln AMD annual growth).

To note, since June 2010 the sole owner of ABB has been Chrystie Management, which applied for acquisition of Ukrprombank's share in ABB (13,01%) in mid December 2009. Before that Chrystie Management was the holder of 86,99% of the bank's shares. Ukrprombank (35%), Alpha-Garant insurance company (Ukraine) (35%), and Chrystie Management registered in the offshore (30%) belonging to large Ukrainian businessmen of Armenian origin became the shareholders of ABB in 2010.

Over Q3 2009 the bank's shares were redistributed, as a result of which Alpha-Garant stopped being a shareholder, Ukrprombank decreased its share to 13,01%, and Chrystie Management increased its share to 86,99%. As a result of changes in the capital, the authorized fund of the bank grew from 5 bln AMD to 13.450 bln AMD.
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