ARMECONOMBANK OJSC is one of the largest and leading banks in the Republic of Armenia, playing an outstanding role in developing Armenian Bank system. Being a universal-type financial and credit Institution it offers its customers a comprehensive package of bank services. 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, the largest economic entity in the country. This enabled the Bank to resolve the problem of capitalization, increasing its chartered capital fivefold during that year. At present the Bank owns major stakes in 'Sil Insurance' CJSC and 'Economincassatsia' SCJSC.
ARMECONOMBANK OJSC is the only open joint stock bank in Armenia which has more than 1400 shareholders and since 2002 the bank has paid dividends to its shareholders.
ARMECONOMBANK OJSC is the first Bank in Armenia, the shares of which have been listed at B stand of NASDAQ OMX ARMENIA OJSC.
The Bank was the first in the banking sector of RA which regulated the innovation operations in the system of ARMECONOMBANK OJSC.
ARMECONOMBANK OJSC was the first in the banking sector of RA to sign an agreement with European Bank for Reconstruction and Development (EBRD) to carry out a USD 1 million loan project without state guarantee.
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, 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. As a founder-member of ArCa plastic card payment system the bank possesses a significant part of plastic card market of Armenia. In addition to ordinary plastic card service, the bank also offers the employees of largest economic entities of the country payment of salaries via plastic cards. The Bank is the best paying agent for the Government of Armenia. The bank shares are listed in Armenian stock exchange (ArmEx).
In 2007 Moodys Investors 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 OJSC a 'BB+'credit rating with a forecast of 'possible rise'.
Today ARMECONOMBANK OJSC has a wide branch network, consisting of 38 branches (18 in Yerevan, 19 in the regions and 1 in NKR).
The bank services a wide range of customers. The number of the banks active customers as of 30.09.2011 totals to 101.2 thous. corporate entities and Individuals, with majority of them located in Yerevan.
Since March 31, 2010 the bank has been a member of Securities accounting system. For information of 'Securities accounting system' you can visit the web site of NASDAQ OMX Armenian Company.
As at 30.09.2011 the Bank has 1419 shareholders (20 non resident shareholders (37.4%)). The major shareholders are Sukiasyan brothers (55.5%), and the European Bank for Reconstruction and Development (25%).
The number of Bank employees as of 30.09.2011 is 919.
30.09.2011 the total assets of ARMECONOMBANK OJSC amounted to AMD 54,287.3 mln. drams, total capital to 9,141.4 mln. drams, and total liabilities to 45,145.9 mln. drams. On 30.09.2011 the Bank formed AMD 434.5 mln profit.