Armenia’s “Armeconombank” bank in top ten in international contest by western union

YEREVAN, January 17. /ARKA/. “Armeconombank” Armenian commercial bank is among the ten best banks selected from 500 banks in the international contest “Club 500” conducted by the Western Union international money transfers system during 2007.

The contest aimed at finding out the banks with their services maximally close to the standards of the Western union, the press service of “Armeconombank” reported.

“Armeconombank” started its cooperation with the Western Union system in 1999 as sub-agent. In 2003 the bank was given a status of agent and became the official representative of the Western Union in Armenia.

The status of a Western Union agent gave “Armeconombank” a right to appoint sub-agents of the system. Currently the bank has seven sub-agents, including six banks and one settlement-payment organization.

The Western Union system started pilot cooperation with Armenian banks in 1995. Officially Western Union has worked in Armenia since 1996. Today 15 commercial banks of Armenia are members of the Western Union money transfers system.

‘’Armeconombank’’ Open Joint Stock Company was registered on August 26 1991. More than 75% of the bank’s shares belong to the principal shareholders – EBRD (25% + 1 share) and the founders of ‘’SIL’’ concern Sukiasian family (50.6%).

As of December 31 2007, assets of ‘’Armeconombank’’ were over 50.4bln Drams, total capital – 8.5bln Drams, balance profit on capital – 5.7bln Drams and profit as of the end of 2007 – 1.9bln Drams. ($1=307.23Drams). N.V. –0--