SERIOUS AMBITIONS OF ARMIMPEXBANK DICTATE IMPRESSIVE CAPITALIZATION
arminfo
2008-02-06 13:19:00
ArmInfo. Armimpexbank intends to raise equity by $50 million to $65
million in the current year, Chairman of Armimpexbank Board Artak
Anesyan told ArmInfo. Due to it, a credit per client will make up
$13 million, which is rather a good indicator for Armenia.
He said the authorized capital of the bank will be raised by 4.4
billion drams to 6.4 billion drams by late February and then by 11
billion drams to 17.4 billion drams by late April. The bank will
raise the authorized capital through additional issue of shares,
which is to be distributed to the bank’s shareholders. A. Anesyan
explained that the raise of the capital by $50 million is planned
till May since the bank will start actively operating just from May.
The bank does not expect profit in 2008 for it plans to invest in
both key figures and non-material assets (hardware, software, IP,
new programs, re-branding, considerable growth of marketing expenses,
increase in the number of employees to 200 people). Moreover, the
bank is expected to invest in earning assets and to raise the limit
for corporate clients. The year 2008 will actually become the year of
the bank’s promotion. The bank plants to get over $5 million profit
in 2009, which will allow raising the capital.
Armimpexbank total capital made up 3.441 billion drams on January 1
2008 (a 6.1% annual growth), authorized capital made up 2.028 billion
drams, assets – 13.6 billion drams (a 20.4% annual growth). The
bank completed the year 2007with 162.2 million net profits. Russian
Troika Dialog Investment Company belonging to TDA Holdings Limited
has 96.15pct stake in Armimpexbank.