Armeconombank makes loan agreement with SYMBIOTICS SA and MICRO, SMALL & MEDIUM ENTERPRISES BONDS S.A. for $10 million for development of SME in Armenia

ArmInfo. Armeconombank has made a loan agreement with SYMBIOTICS SA (Switzerland) and MICRO, SMALL & MEDIUM ENTERPRISES BONDS S.A.  (Luxembourg) for $10 million for the development of SME in Armenia, the Bank's press-office told ArmInfo.

According to Armeconombank's financial report, as of April 1 2016, SME financing totaled 26.9bln drams (inclusive of private businessmen), with a 27.3% year-on-year growth.

SYMBIOTICS SA was founded in 2004 and offers high quality investment solutions, debt and capital financing. The company has officers in 50 countries.

According to ArmInfo's Ranking of Armenian Banks, Armeconombank's assets totaled 108.2bln drams on April 1 2016 (a 23.8% y-o-y growth), total capital made up 19.7bln drams (a 79.8% y-o-y growth), general obligations totaled 88.5bln drams (a 15.8% y-o-y growth).  Armeconombank ensured 104.5mln drams profits for Q1 2016, increasing this indicator almost 4-fold (from negative to positive indicator).  The accumulated profits of the Bank totaled 2.8bln drams as of April 1 2016, with a 4% y-o-y growth. The statutory capital of Armeconombank increased from 2.3bln to 6.3bln drams (up 2.7-fold for Q1). This enabled the bank to ensure a significant growth of the total capital. 

The Bank has a wide branch network consisting of 40 branches, including 19 in Yerevan, 20 in RA regions, and 1 in NKR.   The majority shareholders of Armeconombank OJSC are EBRD (11.05%), Saribek Sukiasyan - 25.9%, Khachatur Sukiasyan (14.38%), Robert Sukiasyan (14.97%) and Eduard Sukiasyan (11.18%). The Sukiasyans Family holds a 66.43% stake in the Bank.