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Central Bank Of Armenia Permits Araratbank To Participate In "Expres

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  • Central Bank Of Armenia Permits Araratbank To Participate In "Expres

    CENTRAL BANK OF ARMENIA PERMITS ARARATBANK TO PARTICIPATE IN "EXPRESS MONEY" INTERNATIONAL PAYMENT SYSTEM

    ARKA
    Dec 2, 2008

    YEREVAN, December 3. /ARKA/. The Central Bank of Armenia (CBA)
    permitted Araratbank open joint stock company to participate in
    "Express Money" international payment system. The respective decision
    was made at yesterday's sitting of the CBA Board presided over by
    the CBA Chairman Artur Javadyan.

    Araratbank Open Joint Stock Company (assignee of "Armsvyaz" bank)
    was founded on 02.09.1991. On October 31 1996 the bank was issued a
    banking license N4.

    Under the agreement signed on October 29 2008, the EBRD purchased
    25%+1 shares of the Armenian Araratbank for $7mln. As a result, the
    authorized stock of the bank reached $24mln. 70% of bank's authorized
    stock is held by businessman and owner of "Flash" company Barsegh
    Beglaryan.

    The bank's assets totaled 27.9bln Drams by the end of September 2008
    with its capital being 5.5bln Drams and profit totaling 552.6mln
    Drams in January-September 2008.

    Currently, Araratbank is providing services through the following
    international payment systems - Anelik, Blizko, Privat Money,BTF-Souz,
    Migom, "Bistraya Pochta" and Avers. The bank has 23 branches throughout
    the country. ($1=305.72Drams).
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