Tuesday, December 20 2016 13:52
Karine Melikyan

Central Bank of Armenia registers merger agreement of Armenian Development Bank and ARARATBANK  

Central Bank of Armenia registers merger agreement of Armenian Development Bank and ARARATBANK  

ArmInfo. The Central Bank of Armenia has registered the merger agreement of Armenian Development Bank and ARARATBANK. The press office of the Central Bank has told ArmInfo that the CBA Board took the relevant decision on 15 December 2016.     

The source says that upon completion of the process stipulated by the agreement, an application will be filed to the CBA to register the results of the two banks' merger. ARARATBANK OJSC will keep operating and it will be the legal successor of Armenian Development Bank.     

To recall, ARARATBANK is purchasing the assets and liabilities of the Armenian Development Bank, leaving that bank's total capital out in the cold, trustworthy sources have told ArmInfo. Meanwhile, ARARATBANK's website reports that at the extraordinary meeting of the buying bank's shareholders on 10 Dec 2016 a decision on merger was taken. A month ago ARARATBANK issued shares to increase its capital to meet the requirement that will come into effect in 2017. Following the placement, the Bank increased its total capital to almost 33 billion AMD (versus the required 30 billion AMD).

According to the Financial Rating of Armenian Banks by ArmInfo, as of 1 Oct 2016, the assets of ARARATBANK OJSC amounted to 137.5 bln AMD (up 9.3% versus a year before), general obligations - 113.4 bln AMD (up 9.7%), accumulated profit - 12.4 bln AMD, lending - 70 bln AMD (up 4.7%), time deposits - 22.5 bln AMD, call liabilities - 28.7 bln AMD, investments in government bonds - 26 bln AMD (up 2.3-fold). In Jan-Sept 2016, the net profit of ARARATBANK amounted to 732.8 mln AMD, including 406.5 mln AMD in Q3. 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-Karabakh.

To note, by 1 Oct 2016, the assets of the Armenian Development Bank amounted to 68 bln AMD (down 2% versus a year before), general obligations - 56.2 bln AMD (down 5%), total capital - 11.8 bln AMD, accumulated profit - 6.9 bln AMD, lending - 44.2 bln AMD, time deposits - 43.3 bln AMD, call liabilities - 7.4 bln AMD. In Jan-Sept 2016, the net profit of the bank totaled 1.2 bln AMD versus 131 mln AMD a year before. As of 1 Oct 2016, the majority shareholders of Armenian Development Bank OJSC were the Armenian Football Federation president Ruben Hayrapetyan (19.98%), Rafik Hayrapetyan (19.65%), and Grigor Termenjian (US) - 16.03%, with the remaining 70 being minority ones. The bank has 9 branches - 4 in Yerevan, 4 in the provinces and 1 in Nagorno-Karabakh.

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