ARARATBANK OF ARMENIA BUYS SHARES OF ISMIRLIAN-EURASIA FOR $6M
/ARKA/
August 25, 2009
Yerevan
Araratbank of Armenia bought 100% of the shares of Ismirlian-Eurasia
universal credit organization for almost $6 million.
The respective agreement was signed in Yerevan Tuesday by Chairman of
Board and Executive Director of the bank Ashot Osipyan and Director
of the Yerevan branch of Swiss Ismirlian Foundation Ara Hamazaspyan.
The credit organization will maintain its small and medium business
crediting portfolio in agriculture and services sector in particular,
Osipyan told journalists after the signing of the agreement.
It is the first step on the way of purchases by the bank, Osipyan said.
He reported that the loan agreement signed between the bank and the
Foundation two years ago was quite successfully implemented using
the funds provided by the Foundation.
Loan programs will be continued – in a large-scale mode and with more
substantial resources, Osipyan said. Yet, no changes are expected in
the activities in the near future, he added.
Merger of the credit organization with Araratbank may be considered
later as the bank is aiming at expansion and consolidation, Osipyan
said.
Head of Yerevan office of Swiss Ismirlian Foundation Ara Hamazaspyan,
in his turn, said that the Foundation has been carrying out charity
work using the money of Ismirlian family since 1997.
In 1999 the Foundation started various programs on loans to small and
medium enterprises (SME) in Armenia, since 2004 it has continued its
lending activities as Ismirlian-Eurasia universal credit organization.
Araratbank is an accomplished partner, and Ismirlian-Eurasia considered
it worth to continue the cooperation bearing in mind well-developed
Armenian banking market and the efficiency of the system, Hamazaspyan
said.
Araratbank will continue the SME credit program in an aggressive and
efficient manner, he added.
Total assets of Ismirlian-Eurasia are about 2,103.6 million drams
with credit investments at 891.5 million drams and total capital at
2,097.1 million drams.
Araratbank open joint stock company (assignee of "Haykap Bank")
was founded on 02.09.1991. On October 31 1996 the bank received a
banking license N4. Among the bank stockholders is the EBRD holding
25%. 74.1% of the authorized stock belongs to principle stockholder
and owner of Flash company Barsegh Beglaryan.
Accumulated profit of Araratbank amounted to 1,287 million drams
by August 24. The bank’s total capital amounted to 7,786 million
drams by the same date. The bank has 27 branches throughout
Armenia. ($1=375.28drams). N.V.