ARMENIAN COMMERCIAL BANK "ARMECONOMBANK" FIRST AWARDED WITH WESTERN UNION DIPLOMA
ARKA
Nov 9, 2007
YEREVAN, November 9. /ARKA/. For the first time in Armenia the
commercial bank "Armeconombank" was awarded with diploma if an
international system of money transfers Western Union. The Bank’s
press service told ARKA that the diploma is given for long and
productive cooperation with the Western Union system, as well as
for significant contribution to the development and expansion of its
networks in Armenia.
Armeconombank started cooperating with Western Union in 19999 as
a subagent.
In 2003 the Bank received the status of the official representative
of Western Union in Armenia.
The status of Western Union agent authorized Armeconombank to appoint
subagents of the system.
At present the Bank has seven subagents operating in this system,
6 of them are banks and 1 – accounting and payment organization.
The Western Union system started cooperating with Armenian banks on
test conditions in 1995. Officially the system has been functioning
in Armenia since 1996. At present, 15 commercial banks of Armenia
are members of the Western Union money transfer system.
"Armeconombank" was registered on August 26, 1991. Over 75% of its
shares belong to main shareholders – the EBRD (25% + 1 share) and
"SIL" concern founders – the Sukiasyans (50.6%).
As of September 30, 2007, "Armeconombank’s" assets totaled over AMD
64bln, the total capital – AMD 8bln, balance sheet profit on the
capital’s account – AMD 5.2bln, the profit of January-September –
AMD 1.4bln and credit portfolio – AMD 25.3bln. ($1 – AMD 323.31).