Wednesday, June 22 2011 17:55

ARARATBANK intends to acquire one more financial structure


ArmInfo. ARARATBANK is going to acquire one more financial structure for its further enlargement, Chairman of Board of ARARATBANK Ashot Osipyan said during the annual assembly of the bank's shareholders, Wednesday.

At the same time, he told ArmInfo correspondent that the bank has not yet chosen a company; however, this may be either a bank or a credit company. "Everything will depend on the proposal terms", he said. According to him, the bank also intends to increase its capital at the expense of increasing the number of minority shareholders.

To recall, in August 2009 ARARATBANK acquired 100% of shares of "Izmirlyan-Eurasia" Universal Credit Organization (UCO), which is currently operating as one of the bank's branches and specializes in financing of micro and small business.

To note, as of late 2010, the authorized fund of ARARATBANK had 84 shareholders, including 4 legal entities and 80 individuals. By late 2010 the number of non-residents of the bank was 3, and residents - 81. The majority shareholders of the bank are Flash, one of the largest oil traders of Armenia, with 74.1%, and the European Bank for Reconstruction and Development with 25%+1 share.
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