YEREVAN. - The banking system of Armenia has avoided disasters unlike that of its neighbors. Chairman of the Central Bank of Armenia (CBA) Arthur Javadyan stated the aforementioned at the ceremony of signing financial agreements with the European Bank for Development and Reconstruction (EBRD) and the International Finance Corporation (IFC) in Yerevan today.
From the very beginning, two largest financial institutions came up with remarkable transactions; this is another indication that the authorities and the banking system if Armenia have done their “homework,” the CBA Chairman said.
“Our economy develops slowly, but cognition comes through comparison, especially if we consider the neighboring country and the general geopolitical situation in the region. But still we managed to prove that Armenian is a serious and good territory for investments,” Javadyan said.
According to one of the agreements, EBRD will invest $40 million capital in Ameriabank. During the first stage, the bank will invest $30 million in the purchase of nearly 20 percent of the shares. The remaining 10 million will be used for the future growth of bank capital.
Under another agreement, IFC has provided Ameriabank with a subordinated loan in the amount of $50 million.
Ameriabank is the largest bank in Armenia according to its shares, loan portfolio, liabilities and deposits. Currently the entire fund of the bank constitutes nearly $200 million, the total assets equaling to about $1 billion by the end of 2015.
