Tweet
ARMBUSINESSBANK ENTERS MARKET WITH AMBITIOUS PLANS
Yerevan, January 16. ArmInfo. Having changed its brand and shareholders
in August 2006, the ArmBusinessBank (former ArmInvestBank) intends
to enter the market with ambitious plans and join the number of the
largest banks of the country in 2007.
Ara Kirakosyan, the chairman of the ABB's Board, told an ArmInfo
correspondent that the bank is successfully conducting a closed
issue of shares in the amount of 2.6 bln AMD and it will increase
the authorized capital to 5.0 bln AMD in the first quarter of 2007.
According to him, the ABB finished the year 2006 with 16.6 bln AMD
assets. In the beginning of October 2006, the rate of assets was a
little more than 9 bln. He noted that by the end of 2007, the bank
plans to continue increasing the capital and to double the rate
of assets. Before the change of the shareholders, the ABB held the
last positions and worked exclusively in narrow segments of the bank
market. Since September 2006, the bank's policy has abruptly changed.
Now it renders the whole spectrum of banking services and successfully
performs the task of diversifying the advance portfolio.
A.Kirakosyan said that over the last four months of 2006, the
advance portfolio grew from 2 bln to 5.9 bln AMD, the volume of
consumer crediting doubled and totalled 1.221 bln. The volume of
provided mortgage credits grew from the zero mark to 275 mln AMD,
the autocrediting increased to 67 mln. One of the priority tasks is
to strengthen the ABB's positions in crediting the small and medium
business as the most profitable field of the credit market. Since
September 2006, the bank's indicators in this segment have tripled -
from 1.5 bln to 4.4 bln AMD. The advance portfolio on mortgages is
to increase four times by the end of the current year.
Special attention in implementation of the business-strategy of the
Bank is paid to the growth of non-interest incomes by enlarging the
services rendered to the population, including organization of the
system of communal and other payments. According to A.Kirakosyan,
agreements with ArmRosgazprom company and VivaCell cellular operator
are already signed, relations with the telecommunicational company,
the and the Armenian water- supply services are at the stage of
negotiations.
"We must present the whole portfolio of services on costs to our
clients. Linking them to other spheres of the bank's retail v card
segment, deposit business and general politics and that for enlarging
the number of corporative clients, wages and other projects for those",
he said.
ABB became a member of the "ArCa" Joint National Payment System.
Apart from the local cards, the bank will soon start emitting the
MasterCard. ABB aims to become a member of Visa International and
establish strong contragent relations with American Express - to
provide alike services in Armenia. ABB's system of monetary transfers
is being set out. Ukrprombank is the key investor. They hope that
there will be enough demand for ABB's services from Armenian community
of Ukraine.
The bank studies the possibility of entering the bank standard bars
market. "Effective business mechanisms are to be worked out and
regulated and the prices - correctly forecasted", A. Kirakosyan said
and added that the market of bank gold is extremely interesting and
prospective. He added that this bank had no branches before but now
intends to lead an aggressive regional policy.
ABB's large office was open in Mashtots Ave. in Yerevan. Its offices
will be open in Guymri and Vanadzor cities soon. The bank's branches
will be set out in Malatya community in Tallinn, Kajaran, Armavir
and Stepanakert - the capital of Nagorno-Karabakh Republic (NKR).
ABB's regulations were re-registered on August 25, 2006 with a new
board of stockholders. The key stockholders are: Ukrprombank (35%),
Ukrainian insurance company Alfa-Garant (35%) and the British company
"Christa Management" (30).
Yerevan, January 16. ArmInfo. Having changed its brand and shareholders
in August 2006, the ArmBusinessBank (former ArmInvestBank) intends
to enter the market with ambitious plans and join the number of the
largest banks of the country in 2007.
Ara Kirakosyan, the chairman of the ABB's Board, told an ArmInfo
correspondent that the bank is successfully conducting a closed
issue of shares in the amount of 2.6 bln AMD and it will increase
the authorized capital to 5.0 bln AMD in the first quarter of 2007.
According to him, the ABB finished the year 2006 with 16.6 bln AMD
assets. In the beginning of October 2006, the rate of assets was a
little more than 9 bln. He noted that by the end of 2007, the bank
plans to continue increasing the capital and to double the rate
of assets. Before the change of the shareholders, the ABB held the
last positions and worked exclusively in narrow segments of the bank
market. Since September 2006, the bank's policy has abruptly changed.
Now it renders the whole spectrum of banking services and successfully
performs the task of diversifying the advance portfolio.
A.Kirakosyan said that over the last four months of 2006, the
advance portfolio grew from 2 bln to 5.9 bln AMD, the volume of
consumer crediting doubled and totalled 1.221 bln. The volume of
provided mortgage credits grew from the zero mark to 275 mln AMD,
the autocrediting increased to 67 mln. One of the priority tasks is
to strengthen the ABB's positions in crediting the small and medium
business as the most profitable field of the credit market. Since
September 2006, the bank's indicators in this segment have tripled -
from 1.5 bln to 4.4 bln AMD. The advance portfolio on mortgages is
to increase four times by the end of the current year.
Special attention in implementation of the business-strategy of the
Bank is paid to the growth of non-interest incomes by enlarging the
services rendered to the population, including organization of the
system of communal and other payments. According to A.Kirakosyan,
agreements with ArmRosgazprom company and VivaCell cellular operator
are already signed, relations with the telecommunicational company,
the and the Armenian water- supply services are at the stage of
negotiations.
"We must present the whole portfolio of services on costs to our
clients. Linking them to other spheres of the bank's retail v card
segment, deposit business and general politics and that for enlarging
the number of corporative clients, wages and other projects for those",
he said.
ABB became a member of the "ArCa" Joint National Payment System.
Apart from the local cards, the bank will soon start emitting the
MasterCard. ABB aims to become a member of Visa International and
establish strong contragent relations with American Express - to
provide alike services in Armenia. ABB's system of monetary transfers
is being set out. Ukrprombank is the key investor. They hope that
there will be enough demand for ABB's services from Armenian community
of Ukraine.
The bank studies the possibility of entering the bank standard bars
market. "Effective business mechanisms are to be worked out and
regulated and the prices - correctly forecasted", A. Kirakosyan said
and added that the market of bank gold is extremely interesting and
prospective. He added that this bank had no branches before but now
intends to lead an aggressive regional policy.
ABB's large office was open in Mashtots Ave. in Yerevan. Its offices
will be open in Guymri and Vanadzor cities soon. The bank's branches
will be set out in Malatya community in Tallinn, Kajaran, Armavir
and Stepanakert - the capital of Nagorno-Karabakh Republic (NKR).
ABB's regulations were re-registered on August 25, 2006 with a new
board of stockholders. The key stockholders are: Ukrprombank (35%),
Ukrainian insurance company Alfa-Garant (35%) and the British company
"Christa Management" (30).