A number of Armenian banks were in the red last year, says a report on the companies that sustained tax losses released by the RA State Revenue Committee.

The BTA bank, which is working with Kazakh capital, sustained the heaviest losses, 1.2bn AMD. The BTA, as well as the other banks sustained losses in 2008 as well. The bank closed that year with a deficit of 940m AMD.

In fact, a group of banks working with no profit is being formed in Armenia. Among them are ProCredit (817m AMD losses), that has been operating in Armenia since February 2008, Biblos Bank Armenia ((111m AMD losses). The banks’ losses considerably increased as compared with the previous year. In 2009, Converse Bank (786m AMD losses) and Mellat Bank (391m AMD losses) joined the list.  Ardshininvestbank managed to leave the group of failure-banks. Trustbank and Land Bank were declared bankrupt.

The press service of the Central Bank of Armenia (CBA) informed NEWS.am that the CBA Board made a decision on April 13 that wound up the Trustbank.