ArmInfo. The Board of the Central Bank of Armenia at its meeting on November 9 decided to register Fast Credit Capital Universal Credit Organization CJSC as a bank under the name of "Fast Bank" CJSC and issue a license for banking activities. This is noted in the message of the Central Bank of the Republic of Armenia.
In this regard, license No. 37 of Fast Credit Capital UCO CJSC was declared invalid, and all rights and obligations of Fast Credit Capital UCO are transferred to Fast Bank CJSC, which is the full successor of the latter.
The basis for this decision is the preliminary approval issued by the Board of the Central Bank of RA to Fast Credit Capital UCO CJSC on August 4, 2021, regarding the change in the type of activity of the credit organization. After receiving preliminary approval, the company carried out the activities provided for by the economic program and legislation within one year and applied to the Central Bank of Armenia to register as a bank and obtain a banking license.
In this context, Fast Bank CJSC is obliged to inform its customers within a reasonable time about the change in the activities of the credit company (ie, the reorganization of the UKO into a bank).
According to the Ranking of Credit Companies of Armenia as of September 30, 2022, prepared by ArmInfo, Fast Credit Capital UCO was in the TOP-3 in terms of main balance indicators. Thus, the assets of "Fast Credit Capital" UCO as of that date exceeded 70.7 billion drams, loan investments amounted to 57.5 billion drams, total liabilities - 22 billion drams, total capital - 48.8 billion drams. According to the results of 9 months of 2022, Fast Credit Capital UCO provided a net profit of 5.9 billion drams. In y-o-y terms, Fast Credit Capital UCO increased its total capital 2.7-fold , assets - by 24.2%, credit investments - by 23.6%, and net profit - by 58.2%. (The estimated exchange rate of the dram against the US dollar was 405.65 AMD/$1 as of September 30, 2022).
It should be reminded that Fast Credit Capital UCO CJSC has been operating in the market of credit companies of Armenia since October 14, 2011, and before reorganization into a bank, Badalyan Vigen and Badalyan Vahe acted as its shareholders with equal shares of 50%.
It should be noted that with the enter of a new participant in the banking market of Armenia in the form of Fast Bank CJSC, the number of functioning banks will reach 18. It is also appropriate to note that at the request of the Central Bank of the Republic of Armenia, the minimum amount of total capital for banks is set at 30 billion drams.
