Last update - 17.08.2012
Armeconombank OJSC (the former Armenian Republican Bank "Zhilsotsbank” of USSR) was the first among state-owned banks of Armenia to be reorganized into a joint stock bank and to be registered in the Central Bank of Armenia (August 26, 1991, Registration No.1).
The year 1997 was crutial for the Bank, as radical changes took place in the structure of share capital, due to attraction of a new strategic investor, the Sukiasyan family, the founders of SIL GROUP. At present the Bank owns major stakes in "Sil Insurance” CJSC and "Economincassatsia” SCJSC.
The Bank takes active participation in International loan projects of European Bank for Reconstruction and Development /EBRD/, International Finance Corporation /IFC/ (small and medium size businesses finance program) and German-Armenian Fund (micro and small businesses Finance Program). Beginning from October 2006 the bank participates in "Mortgage Market Steady Development” program of German KfW Bank.
The Bank is a member of Society for Worldwide Interbank Financial Telecommunications (S.W.I.F.T), member of MONEYGRAM, MIGOM, ANELIK, LEADER, BLIZKO, Быстрая Почта payment systems, has become an affiliate member of EUROPAY INTERNATIONAL payment system and has joined REUTERS system.
One of the most important directions of Bank activities is rendering of e-services (implementation of e-banking technologies) and issue and service support of plastic cards. The bank is a founder-member of ArCa plastic card payment system. The Bank is an agent for the Government of Armenia. The bank shares are listed in Armenian stock exchange (ArmEx).
In 2007 Moody’s Investor’s Service International rating agency has assigned the Bank D- financial strength and Ba3 long-term AMD and foreign currency deposits.
In 2008 AmRating/GlobalRating rating agency conferred Armeconombank a "BB+” credit rating with a forecast of "possible rise”.
Today Armeconombank has 35 branches (17 in Yerevan, 17 in the regions and one in NKR).
The number of the banks active customers as of 30.09.2010 totals to 80.8 thous. corporate entities and individuals, with majority of them located in Yerevan.
As of 30.09.10 the bank has 1417 shareholders (17 non-resident shareholders (37.1%)). The major shareholders are Sukiasyan brothers (53.5%), and the European Bank for Reconstruction and Development (25%).
The number of Bank employees as of 30.09.10 is 691.
As of 30.06.2012 the total capital of Armeconombank OJSC amounted to AMD 8 980 819 thousand drams, assets to 59 771 019 thousand drams, and liabilities to 50 790 200 thousand drams.