Araratbank signs agreement with EBRD on capital increase

PanARMENIAN.Net - The European Bank for Reconstruction and Development (EBRD) and Araratbank OJSC signed an agreement on the bank’s capital increase through EBRD’s new subscription to the bank’s shares at the amount of AMD 225mln or $600,000. The share of EBRD will remain unchanged, totaling 25% + 1 share, the press service of Araratbank reported.

The capital increase will provide Araratbank with the opportunity to diversify its portfolio of loan investments and expand the clients’ base through servicing large and medium clients, as well as expanding the branch network.

“The capital increase will allow ARARATBANK to maintain its ranking in the banking system,” said EBRD Managing Director for Financial Institutions Nick Tesseyman.

In his turn, CEO of Araratbank Ashot Osipyan highly appreciated the bank’s cooperation with the EBRD. “EBRD is a guarantee of introduction and implementation of modern banking and financial technologies and best international practice,” said Osipyan.