ARMECONOMBANK (ARMENIA) PLANS INCREASE ASSETS
/ARKA/
June 15, 2009
YEREVAN
YEREVAN, June 15. /ARKA/. Armeconombank (Armenia) plans to increase
its assets by 10-20 per cent this year, said Board Chairman David
Sukiasyan.
"I do not think that our assets will not undergo any essential changes,
but they will increase by 10-2- per cent. The most important thing
is that we have no problems with resources, and an increase in assets
is immediately related to the task of attracting funds," he told ARKA.
In January-May, 2009, the assets of Armeconombank amounted to 48.6bln
AMD against 49.9bln AMD at the end of last year. Sukiasyan said that
Armeconombank has sufficient funds, as well as funds from European
banks, to make necessary investments.
As regards the bank’s plans for this year, Sukiasyan reported that
the bank plans to continue new projects, including credit ones. Among
them is the Russian credit, government programs and WB credit programs.
"We must be active in crediting, which is in special demand now. The
bank implemented a moderate policy before, trying to increase its
liquid assets, whereas now we are decreasing liquid assets by issuing
credits. The market situation is getting stable now," Sukiasyan said.
The Armeconombank OJSC was incorporated on August 26, 1991. Over 75%
of the bank’s stock is held by the principal stockholders, EBRD (25%
plus one share) and the founders of the SIL Concern, the Sukias yan
family, (53.4%).
In 2008, the bank’s total capital increased by 2.6% and reached
8.364bln AMD, net profit 517.8mln AMD.
The bank has 46 branches in Armenia and in Nagorno-Karabakh Republic
(NKR).