Wednesday, July 20 2011 20:30

Russian banks have enlarged their presence in Armenia's banking system to $94mln


ArmInfo. Due to active expansion policy Russian banks have enlarged their presence in Armenia's banking system to $94mln, Deputy Head of the Analytical Department of the Association of Russian Banks Sergei Grigoryan said during a Yerevan-Moscow TV bridge Wednesday.

According to the Central Bank of Armenia, the share of the foreign capital in Armenia's banking sector is 74% or $415.5mln, where Russian banks hold 60%,

According to ArmInfo's Ranking of Commercial Banks of Armenia, in late 2009 the share of the foreign capital in the authorized fund of Armenia's banking system was 67% or $334mln with 60% belonging to the Russian capital. Mar 3 2009 Armenia experienced 22% AMD depreciation. As a result, during the following year the revaluation reserve of Armenia's banking system grew by 40%.

The Russian capital is present in eight Armenian banks (87% of their aggregate capital). The largest stakes are in VTB Bank Armenia (100% owned by VTB), Ameriabank (99.99% owned by TDA Holding Limited, an affiliate of Troika Dialog) and Areximbank-Gazprombank Group (100% owned by Gazprombank).

Apr 1 2011 the authorized capital of the commercial banks of Armenia totalled $562.6mln, the assets - $4.5bln, the loan book - $2.9bln, the retained profit - $29.6mln.
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