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ArmBusinessBank expecting reduction of Ukrprombank's stake

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  • ArmBusinessBank expecting reduction of Ukrprombank's stake

    ArmBusinessBank expecting reduction of Ukrprombank's stake in its
    authorized capital

    2009-03-10 18:14:00


    ArmInfo. ArmBusinessBank (ABB) is expecting a 13% reduction of
    Ukrprombank's stake in its authorized capital in the current year,
    Chairman of ABB Board Ara Kirakosyan says in an interview with ArmInfo.

    A. Kirakosyan said the bank plans capitalization for the current year.
    The decision on the first capitalization was adopted on February 5 at
    the extraordinary meeting of ABB shareholders. Thus, the authorized
    capital of the bank will be increased by 3.050 billion drams by ABB
    shareholder company Chrystie Management Inc. The company held a 30pct
    stake in the bank as of Jan 1 2009. After the
    capitalization, the stake of Chrystie Management Inc will grow to 56%
    whereas the stake of Ukrprombank and the Ukrainian Insurance Company
    Alpha-Garant will fell to 22%, A. Kirakosyan says. He hops Alpha-Garant
    will participate in the next capitalization expected later this year.
    As regards the plans for future, A. Kirakosyan does not rule out that a
    20-25pct stake in the bank will be sold to
    another strategic partner. 'However, we have not studied this issue yet
    and we have no intention to lose such strategic partner as
    Ukrprombank', he says.

    By data of ArmBusiness Bank as of Jan 1 2009 the bank's shareholders
    were UKRPROMBANK" Ltd. with 35.0%, ALPHA-GARANT ALC with 35.0%, and
    CHRYSTYE MANAGEMENT COMPANY with 30.0%. As of Jan 1 2009 the total
    capital of the bank constituted 6.9 billion drams ($22.6 million), the
    authorized capital totaled 5 billion drams ($16.3 million). ABB is in
    the top ten of leaders in the Armenian banking system by 43.2 billion
    drams assets ($140.7 million). The bank completed the year 2008 with
    843.7 million drams net profit ($2.7 million), which led it to the 9th
    position in the banking system.
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