Yerevan /Mediamax/. European Bank for Reconstruction and Development (EBRD) acquired 25%+1 share of ARARATBANK##.

Mediamax reports that the corresponding agreement was signed in Yerevan today by EBRD Director for Caucasus, Moldova and Belarus Mike Davey, Chairman of the Board and main shareholder of ARARATBANK Barsegh Beglaryan, Chairman of the Board of Directors and Chief Executive Officer of the Bank Ashot Osipyan.

ARARATBANK became the fourth commercial bank in Armenia, in the capital of which EBRD is present.

According to Mike Davey, “this is a clear sign from EBRD, which reveals our confidence for the opportunities of ARARATBANK”. Barsegh Beglaryan noted that the signed agreement evidences serious achievements of the bank along the path of realizing the ambitious programs, stated two years ago.

According to the assessment of the Chairman of the Armenian Central Bank Artur Javadyan, the signed agreement is significant due to two factors. Firstly, the international financial structures again confirmed their confidence for the reforms in process of realization in Armenia. Secondly, EBRD trusted the national currency - the deal on acquiring the shares is realized in AMD.

The Minister of Finance of Armenia Tigran Davtyan highlighted the importance of the signed agreement against the background of the recent developments in the world financial markets. “It is very important that in the present conditions, the financial system of Armenia not only continues stably developing, but also attracts new resources”, he noted.

As the Chairman of the Board of Directors and Chief Executive Officer of ARARATBANK Ashot Osipyan noted, “a new page is opened in the history of the bank today”. He expressed confidence that the partnership with EBRD will give the bank the opportunity to introduce new technologies and risk management systems, improve the culture of corporate management.