Armeconombank OJSC (Armenian Economy Development Bank)
Being the successor of the republican department of former USSR
Zhilsotsbank established in 1987, the bank is the first of the state-owned
banks of the Republic of Armenia that was reorganized into a joint-stock bank in
1991- registration N1 of RA Central Bank.
License N1 of the Central Bank of the Republic of Armenia issued on 14
November 2001.
In 1997, the structure of banks share capital was seriously changed due to
the attraction of a strategic investor - the founder of SIL Concern, Sukiasyan
family. At present, the bank has a considerable share participation in the
shares of SIL Insurance CJSC and the subsidiary company Econominkassatsia
CJSC.
The bank participated in international loan programs of the European Bank for
Reconstruction and Development (EBRD), the International Finance Corporation,
the World Bank (SME Sector Development Program), the German-Armenian Foundation
(Small and Micro Enterprise Lending Program). From October 2006 the bank
participates in the German KfW bank program Stable Development of the Mortgage
Market.
The bank is the member of SWIFT system, the exclusive representative of
WESTERN UNION international payment system, as well as member of money transfer
systems MIGOM, DIALOG, ANELIK and Rapid Post, the affiliated member of EUROPAY
INTERNATIONAL payment system, the member of Bankmail e-payment system, is
connected to REUTERS system, is the shareholder of ArCa CJSC and the debt
paying agent of the Ministry of Finance and Economy of Armenia.
The shares of the bank are put on the Armenian Stock Exchange /ArmEx/.
In 2007 the International "Moodys" Rating Organization assigned to the bank
Ba3 rating on long-term deposits in AMD and foreign currency, as well as D-
rating on financial stability (stable outlook).
The bank has 44 branches, 19 - in Yerevan, 24 in the marzes of Armenia and
1 in the Nagorno-Karabakh Republic.
As of 31 December 2006, the bank served 45.600 legal entities and
individuals.
As of 31 December 2006, the bank had 1432 shareholders. The largest
shareholders [over 10%] are the Sukiasyan family and the European Bank for
Reconstruction and Development.
The bank has 647 employees (as of August 2007).
As of December 31 of 2007, the banks total capital makes AMD 8 479 199
thousand, the assets - AMD 50 428 770 thousand, the liability - AMD 41 949 571
thousand.
