Established in 1990. Before 1996, it operated as the "Bank for Reconstruction and Development”.

License N14 of the Central Bank of the Republic of Armenia issued on 1 October 1991.

The bank participated in the following international financial programs: the World Bank’s Highway Project [1997-2001]; jointly with the Armenian Office of the U.S. "Shorbank” Advisory Services it realized a Small and Medium Enterprises (SME) Lending Program [1999-2002]; jointly with the World Bank and the International Agricultural Development Agency it realized loan programs for farmers and processing industry [2000-2003]. Bank is the full member of Master Card International payment system, member of the "Anelik”, "Contact”, Rapid Post ("Быстрая почта”), Money Gram and SWIFT systems.

The bank is the member of SWIFT International Financial Telecommunication System, the official dealer of shortterm obligations on the securities market.

The bank serves more than 5900 clients, 18% of which are legal entities and 82% individuals.

The bank has two branches in Yerevan (Avan and Avan1), one in Vanadzor, one in Gyumri and one in Arstakh.

The bank has 156 employees.

The bank has 75 shareholders.

Persons, having direct and considerable participation in the bank capital:

Ruben Hayrapetyan - 19.981%
Araik Mekhakyan - 16,88%
Grigor Termejyan - 16,03%

As of 30 September 2011: total capital - 7 516 703 thousand dram, the assets - 32 908 790 thousand dram, the liabilities - 25 392 087 thousand dram.