Araratbank considering offer on provision of leasing and factoring services

PanARMENIAN.Net - Final resolution on provision of leasing and factoring services will be taken by Araratbank authorities by May 2010, Araratbank executive director Ashot Osipyan said.



As he told PanARMENIAN.Net reporter today, at present the bank offers two accompanying services: leasing and factoring - programs, to be implemented jointly with European Bank of Reconstruction and Development (EBRD). "Services' implementation depends on market situation. We'll probably use this offer, sign a contract with our partner and receive technical assistance for these two services," Ashot Osipyan said.



In this connection, Ashot Osipyan added that offer discussion is in progress; Araratbank will be able to give a reply in May 2010.



Araratbank was established as a result of the reorganization of Haykap Bank, operating on Armenian financial market since 1991.



The bank was reorganized into closed joint stock company in September, 2005 and functioning as an open joint stock company since August, 2007.



ARARATBANK is a member of the Union of the Banks of Armenia; it is a partner of the Ministry of Finance and Economy of RA in the area of management of the internal national debt.



As of 30.09.2009 total assets of the bank made up AMD29,042 million, showing an increase of AMD 979,4 or 3,5% as compared with the previous quarter.



Liabilities stood at AMD 21,295.9 million, with an increase of AMD 849.3 million or 4,2% when compared with the previous quarter.



Total equity as of 30.09.2009 was AMD 7,746.1 million having increased by AMD 130,1 million or 1.71% as compared with the figures of the previous quarter. Increase in the total equity of the Bank was due to AMD 50,5 million growth in the revaluation reserve for available for sale assets.



Profit figure for the third quarter was AMD 410,9 million vs. AMD 57,5 million of the previous quarter, resulting in a year to date profit of AMD 454,1 million.