Tuesday, October 25 2011 19:12
EBRD prolongs its term of participation in Armeconombank's capital for 3 years
ArmInfo. Today the European Bank for Reconstruction and Development (EBRD) signed an agreement with Armeconombank on prolongation of the EBRD's term of participation in Armeconombank's capital for 3 years.
The press service of Armeconombank told ArmInfo that during the signing ceremony the sides highly estimated the results of 7-year participation of the EBRD in Armeconombank's capital (since 2004). According to the source, the continuous and mutually beneficial cooperation of Armeconombank with its strategic partner EBRD (with a stake of 25%+1share) maximally contributed to sustainable and effective development of the bank, which has a high-level corporate culture, risk management, planning principles, innovation thinking.
The EBRD's decision to prolong its participation in Armeconombank's capital will allow the Armenian bank to further enlarge its international cooperation, to introduce innovative technologies and products, to strengthen its shareholders, customers and partners and to contribute to the development of Armenia's economy and financial- banking system.
Armeconombank and the EBRD have cooperated since 2000 under different programs worth a total of $45mln. As of Oct 24 2011 the capital of Armeconombank totaled 9.1bln AMD, the assets – 61.2bln AMD, the loans – 291bln AMD, the deposits – 120.2bln AMD. Armeconombank has so far issued 140,000 plastic cards. The bank has 38 branches in Armenia and Nagorno-Karabakh.
Earlier, Head of the EBRD's Yerevan Office Valeriu Razlog told ArmInfo that the EBRD is not yet going to withdraw from the capital of one of the Armenian banks, with whom it has cooperated for over five years. He said that as a rule the EBRD stays in the capital of a bank for 3-7 years. As of now, the bank has stakes in the authorized capitals of ARARATBANK (since 2008), ProCredit Bank (since 2008) and Byblos Bank (since 2008) and cooperates (under credit programs) with 12 banks: Armeconombank, ARARATBANK, ProCredit Bank, Byblos Bank, ACBA-Credit Agricole Bank, Anelik Bank, VTB Bank (Armenia), INECOBANK, ArmSwissbank, HSBC Bank Armenia, Converse Bank, Ameriabank. Since 1992 the EBRD has invested over 450mln EUR in 100 projects in Armenia.
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