ARARATBANK named by Global Finance the best Armenian Finance Trade Provider for the 2nd year in a row

ArmInfo. ARARATBANK was recognized as the best Armenian finance trade provider for the second year in a row according to Global Finance authoritative magazine. The press service of the bank informs that as a result this is already the third organization, which names ARARATBANK as the best finance trade bank of Armenia.  Criteria for choosing the winners included:  transaction volume, scope of global coverage, high quality of customer service, competitive pricing and innovative technologies.

The names of the winner banks were revealed at the BAFT Global Annual Meeting in Madrid on January 18. Analysts and editors of Global Finance, businessmen and independent experts have selected the winners.

To note, Global Finance, founded in 1987, has a circulation of 50,050 and readers in 180 countries. Global Finance's audience includes senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Global Finance also targets the 8,000 international portfolio investors responsible for more than 80% of all global assets under professional management.

According to the Express Ranking of Armenian Banks by ArmInfo, in 2016 ARARATBANK increased its loan portfolio by 58.7% to 104.9 bln drams or $216.7 mln (48.7% of the bank's assets). As a result the assets of ARARATBANK OJSC increased by 63.3% in the reported year and amounted 215.6 bln AMD or $445.5 mln. The total capital of the bank increased by 47.6% to 33.2 bln drams due to replenishment of the registered capital 2- fold to 16.8 bln drams (due to issue of stocks in November 2016 and merge with Armenian Development Bank in December 2016). General obligations totaled 182.4 bln AMD or $376.9 mln (up 66.4%), 58.7% of which are time deposits and call liabilities (2- fold growth in absolute terms) and 30.2% are funds attracted from international financial organizations (14.6% y-o-y growth).  ARARATBANK has been operating since November 2005. Following the recent issue of shares in November, in the structure of the shareholders' capital 72.73% belongs to Flash oil trader, 18.14% - to the EBRD, 8.58% - to the Rural Impulse Fund II, with the remaining 0.55% distributed among 82 minority shareholders. ARARATBANK has 54 branches (4th position):  27 in Yerevan, 26 in the provinces and 1 in Nagorno-Karabak. Considering the network of Armenian Development Bank the total number of branches reaches 63.