Friday, November 16 2012 17:30

45% in ARARATBANK's loan book falls on resources within international programs


ArmInfo. 45% in ARARATBANK's loan book falls on resources within international programs. Chairman of the Board of ARARATBANK, Ashot Osipyan, said that at present 25 mln USD has already been attracted from international structures under various programs.

Osipyan said that according to the strategic development plan of the Bank, its loan book is to grow by 30% in 2012. Over Jan-Sept 2012 the Bank managed to increase its loan book by 36.1% to 66.4 bln AMD, ArmInfo's Ranking of Armenian Banks says.

As regards the plans for the future, Osipyan said that the Bank is going to expand the branch network from the current 42 to 60 branches. The appearance of a new shareholder (Incofin Investment Management) in the Bank's capital with a 10% stake will considerably contribute to this. The relevant agreement with Incofin IM was signed on 29 October 2012.

To note, ARARATBANK participates in a number of international programs, including the EBRD programs aimed at trade financing, SME lending, etc.

According to ArmInfo's Ranking of Armenian Banks, as of 1 October 2012, the loan book constitutes over 67% of ARARATBANK's assets. About 55% in the loan book falls on the loans provided to economy. Loans to trade make up 37.5%, and loans to the industrial sector - 12.8%. 21.8 bln AMD, or 44.2% of the loan book was lent to SMEs. Over Jan-Sept 2012, the Bank's net profit totaled 2.8 bln AMD.

The majority shareholders of ARARATBANK are Flash oil trade (74.18%) and EBRD (25%+1 share). On 29 October 2012 ARARATBANK and Incofin Investment Management (Belgium) signed an agreement, according to which Incofin IM is to have a 10% stake in the Bank's capital. This will allow the Bank to consolidate its positions in the banking market of Armenia and will open new opportunities in lending.
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