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Ameriabank Plans to Purchase a Bank in Armenia

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  • Ameriabank Plans to Purchase a Bank in Armenia

    AMERIABANK PLANS TO PURCHASE A BANK IN ARMENIA

    YEREVAN, OCTOBER 16, NOYAN TAPAN. Ameriabank is the most rapidly
    developing bank in Armenia. Its overall capital grew 4.5fold in
    January-September 2008 and made 18.7 billion drams (about 62 million
    USD) at the end of the third quarter, the overall assets made over 41.2
    billion drams, growing twofold as compared with early 2008, the
    liabilities made 21.7 billion drams, and the credit portfolio made 23.4
    billion drams, growing 7.5fold as compared with early 2008 and by 28%
    in the third quarter. It is expected that in late 2008 the bank's
    overall capital will amount to 20 billion drams, and during the fourth
    quarter the overall assets will increase by at least 30%, the credit
    porfolio's growth will slow down, and the liabilities will grow by 24%,
    the director of Ameriabank's development department Tigran Jrbashian
    said at the October 16 press conference.

    In his words, the issue of purchasing a bank in Armenia is being
    discussed at Ameriabank. The candidacies of 3-4 banks are being
    studied. The bank plans to open a branch in Stepanakert soon. Another
    two branches will open in Armenia either in late 2008 or early 2009.

    It was mentioned that Ameriabank will soon finish the introduction of a
    system of management of its relations with customers. With this aim,
    international experts and advisors have been involved.

    According to T. Jrbashian, the bank's guideline is servicing of
    corporate customers and aggressive development with the use of the
    positive factors of the financial crisis.

    Ameriabank will continue its operations on placement of bonds of
    various companies. The bank is currently conducting negotiations with
    three Armenian companies which intend to issue bonds within the next
    2-3 months.
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