GLOBAL RATING GROUP ASSIGNS "B" RATING TO ARARATBANK
Noyan Tapan
Jun 22 2007
YEREVAN, JUNE 22, NOYAN TAPAN. Global Rating Group international
rating agency has assigned the rating of "B" to Araratbank CJSC. This
was announced at the June 22 press conference with the participation
of Chairman of the Central Bank of Armenia (CBA) Tigran Sargsian,
Executive Director of Araratbank Ashot Osipian, Global Rating’s
Chairman Richard Heinsford and its Commercial Director Yelena Arbuzova.
According to the representatives of Global Rating Group, the decision
to assign this rating to Araratbank was due to high development rates
of the bank, its maximum transparency, sufficient capital, positive
structure and quality, the profitablity of its activities.
The net profit of Araratbank made 908 mln drams (over 2 mln 182
thousand USD) in 2006. By the amount of its capital, Araratbank is
among top ten Armenian banks and among the 6 banks which have been
included in the mortgage crediting program of the CBA and German KfW
bank. It carries out operations on cash servicing of the Treasury
of the RA Ministry of Finance and Economy. On June 18, 2007 the bank
received status of an agent for the RA state debt management in the
primary and secondary bond market. As of May 31, Araratbank’s assets
made 13.7 bln drams, its liabilities – 9.5 bln drams, capital – 4.2
bln drams. The bank services 5,000 natural and 1,000 juridical persons.
Since December 2006, Global Rating has been represented in Armenia
by AmRating agency. Among Global Rating’s partners are a number of
financial international organizations, famous banks from Russia and
other countries.
