Wednesday, October 19 2011 20:39

EBRD holds over its decision to withdraw from the capital stock of one of Armenian banks


ArmInfo. The European Bank for Reconstruction and Development (EBRD) holds over its decision to withdraw from the capital stock of one of Armenian banks, Head of the EBRD Yerevan Office Valeriu Razlog told an ArmInfo correspondent without specifying the name of the bank. He said that the issue of the withdrawal from the bank's capital was considered with due regard for the long period of work with that bank - about 5 years. At the same time, Curt Bayer, member of the EBRD Board of Directors, said at a press conference in Yerevan that, as rule, the EBRD participates in the capital of companies for a period of 3-6 years.

According to ArmInfo's data, the EBRD was going to withdraw from the capital stock of Armeconombank, in whose capital it has participated since 2005 with 25%+1 share.

Today the EBRD participates in the authorized capital of 4 commercial banks of Armenia - Armeconombank, ARARATBANK (since 2008), ProCredit Bank (since 2008) and Byblos Bank (since 2008), and it cooperates (under credit programs) with 12 commercial banks of Armenia - the specified four ones and ACBA-Credit Agricole Bank, Anelik Bank, VTB Bank (Armenia), INECOBANK, ArmSwissBank, HSBC Bank Armenia, Converse Bank, and Ameriabank.
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