CJSC ARARATBANK REORGANIZED INTO OJSC

arminfo
2007-08-09 18:11:00

CJSC Araratbank has been reorganized into open joint stock company
(OJSC), the press-service of the bank told ArmInfo. The Central Bank
registered to new regulations of OJSC Araratbank on August 3. The bank
was reorganized because of its strategy that provides first of all for
transparent and open activity. Flash Company, one of the biggest oil
traders in Armenia, remains the only shareholder of Araratbank, Now,
alongside with Araratbank, there are another two OJSCs in the banking
system of Armenia: Armeconombank and Armenian Development Bank. Another
16 banks have a status of CJSC and 2 banks have a status of Co.Ltd.

Ranking of Armenian Commercial Banks prepared by the Agency of Rating
Marketing Information (ArmInfo) says the total capital of Araratbank as
of July 1 2007 totaled 4.2 billion drams, the authorized capital made
up 3.4 billion drams, assets – 15.1 billion drams. In the structure
of assets, provision of crediting and investments in state securities
made up 35%. The share of trade sphere is the largest in the credit
portfolio of the bank (22.1%). Then go the industrial sector (16.5%),
consumer credits (13.7%), and mortgage loans (12%). The bank’s profit
for the first half of 2007 totaled 122.045 million drams.

From: Emil Lazarian | Ararat NewsPress