Experienced banker Ashot Osipyan leaves ARARATBANK and moves to an  international banking structure

ArmInfo.Chairman of the Board of ARARATBANK since 2006, left Armenia. At a farewell meeting with reporters, he said that he had received an invitation from a  reputable international structure to take a certain position, which  he would report later.

For 13 years, while A. Osipyan headed ARARATBANK, he managed to  significantly increase the performance of the bank, which was  actually at the beginning of the way. So, in 2006-2019, the bank's  assets grew 31 fold - from 7.1 billion drams to 218.5 billion drams,  the loan portfolio - 53 fold - from 2.5 billion to 131.5 billion,  total capital - 9.7 fold - from 3.9 billion to 37.9 billion. By  October 1, 2019, it was possible to increase net profit to 17 billion  drams. During this period, the branch network from 2 divisions  expanded to 59. The number of employees from 70 increased to 940.

The strategic development program of the bank developed by A. Osipyan  was supported by a number of international financial organizations  and institutional investors. An important circumstance of such  support was the high professionalism of the banker, his vision of the  development of the country's economy and banking business, which  allowed investors to relate to the bank with a high level of trust.  Osipyan successfully and competently divided the bank's functions  into three main areas: universal, digital and investment banking. In  all three aspects of the financial market, the bank achieved high  results and took certain strong positions and wide niches in the  market. <It is difficult and very painful for me to leave the bank,  which gave so many years of professional career and so much strength,  but we need to move on. This is probably because I have a desire to  go further, to take new heights, to learn new things, because I  myself have studied and taught my employees, students all my life,  "the banker shared his feelings.

Osipyan started his career in the mid of 1990s at the Ministry of  Finance, continued it at the Central Bank, then began the process of  taking Armeconombank out of crisis. When he was invited to proclaim  ARARATBANK, he was also in a deplorable state, international  structures demanded its closure due to a completely deplorable  balance. Therefore, Osipyan in the banking community was called the  country's best crisis manager.

Today, the "old" bankers joke: "It is interesting, which  institutional international banking investor has serious crisis, that  Osipyan was invited to work?>.

According to ArmInfo, Ashot Osipyan was invited to work at the  European Bank for Reconstruction and Development (EBRD).

As ARRATBANK told ArmInfo, the acting chairman of the bank's board  has been appointed the former head of the Armenian Development Bank,  Osipyan's Deputy Karen Sargsyan.