ArmInfo. Vardan Sirmakes, Swiss businessman, CEO, founder and 100% owner of world-known "Frank Muller Watchland" company will not participate in ArmSwisBank capital directly anymore, ensuring participation through his foreign companies.
As the press-service of the bank informed ArmInfo, since March 10, 2016 HVS Holding LLC became the holder of 80% of ArmSwissBank shares. The company is managed by Vardan Sirmakes and is registered in Luxemburg. This change in the bank's capital has already been
registered in Armenia's Central Bank. BELEGGINGSMAATSCHAPPIJ JONGO B.V., which is also controlled by Sirmakes and is registered in Netherlands, is the holder of the rest 20% of the shares of ArmSwissBank. Before this, Vardan Sirmakes was direct owner of ArmSwissBank.
To note, ArmSwissBank was established on October 7, 2004 by Vardan Sirmakes, who is CEO, founder and 100% owner of "Frank Muller Watchland" company, the representative office of which operates in Armenia. Sirmakes makes investments in Armenia's economy and besides, is the majority shareholder of Artsakhbank (25.6%). He is also formal shareholder of ArmSwissBank through his HVS Holding LLC Company (Luxemburg) and BELEGGINGSMAATSCHAPPIJ JONGO B.V., owning 80% and 20% of the Bank's shares, accordingly. The Bank specializes in corporate banking, investment banking and private banking. Since 2006 the bank has been government's agent in the primary market of state bonds. In 2014 the bank organized 63% of issues on the primary market.
According to the Rating of Armenian Banks prepared by ArmInfo, total capital of ArmSwissBank made up 18.3 bln drams as of 1 January 2016 (with 3.4% y-o-y growth), the registered capital is 10.1 bln drams (without yearly change), accumulated profit is 8.3 bln drams (with 30.6% y-o-y growth). At year-end 2015 net profit of ArmSwissBank totaled 1.95 bln drams, and the bank was in the TOP-5 by this indicator. Credit exposures total 45.7% of the bank's assets while investments in securities total 34.3%.
To note, Vardan Sirmakes implements a number of large investment and beneficiary projects in Armenia and Nagorno-Karabakh. It is also known that he is an important investor in the economy of Belarus. The investor has acquired a significant share and made largeinvestments in Minsk Watch factory (Luch trademark), he is also the ultimate beneficiary owner of BSB Bank (former BelSwissBank).