Araratbank eyes acquisition of a local bank

YEREVAN, August 25 , /АRКА/. Armenian Araratbank is considering acquisition of a local bank, its executive director Ashot Osipyan said today. He said Araratbank possesses enough resources to do so and has gone through the first stage of a necessary preparation process.

“We are interested in acquiring a new bank and if we find such a bank we are ready to buy it,’ Osipyan said. He, however, could not say when the process may start and end.

Araratbank has acquired 100% of the universal crediting organization Izmirlian-Eurasia at $6 million as part of an expansion and consolidation program. An agreement to that effect was signed today in Yerevan by Ashot Osipyan and Ara Hamazaspian, head of the Yerevan branch of the Switzerland-based Izmirlian Foundation.

OAO Araratbank was established in 1991. It was granted a license in 1996. Twenty-five percent of its shares are held by the European Bank for Reconstruction and Development (EBRD), 71% are owned by Barsegh Beglarian, the owner of the biggest petrol importing company Flash. Its accumulative incomes as of August 24, 2009 stood at 1.287 billion Drams.
Its aggregate capital stands at 7.786 billion Drams. Araratbank operates 27 branches in Yerevan and Armenian provinces. ($1 -375.28 AMD). M.M. -0-