“Ardshininvestbank” CJSC is a large bank, established in early 2003. Feb 27 2003 it was granted a license. The founders of “Ardshininvestbank” are two residents acting in industry and construction: “RASKO-Armenia” and the International Business Center (Armenia). Mar 4 2003, through a tender, the bank bought part of the assets and liabilities of one of the biggest banks of Armenia, “Ardshinbank”, placed under a special administrative regime by the Central Bank in Feb 2002. “Ardshininvestbank” promised to preserve “Ardshinbank”’s specialization and traditions. In Nov 2003 “Ardshininvestbank” also bought part of the assets of bankrupt “Armagrobank” These two big deals were the first merger and takeover examples in the economic history of independent Armenia. The branch networks of “Ardshinbabk” and “Agrobank” were also given to “Ardshininvestbank”. As a result, today the bank has the second biggest branch network in Armenia: 55 branches (13 in Yerevan, 36 in all marzes and 6 in Nagorno-Karabakh Republic). The bank also has a representation in Paris.
In 2008 the bank’s shareholders structure was formally changed, but, in fact, it remained the same. Today “Ardshininvestbank” has ten shareholders, mostly individuals. The majority stakeholders are “Business Investments Center” LLC (86.96%) and the International Finance Corporation (IFC, 10%), who bought the stake in Dec 2007. President of RASKO Concern, Russian businessman Karen Safaryan holds 0.37%, the former chairman of the board, the member of the council Aram Andreasyan – 1.73%.
IFC has provided “Ardshininvestbank” with a $15mln credit line for mortgage lending and SME support activities. In June 2009 the Corporation decided to give the bank one more credit line worth $5mln in the framework of the Global Trade Finance Program (GTFP). The bank is also involved in KfW’s mortgage lending program. In Mar 2009 “Ardshininvestbank” and World Business Capital Inc. (the United States) signed a $10mln credit agreement for implementing a SME development program. “Ardshininvestbank” is to contribute $2.5mln to this program. The bank is also involved in WB, GAF, SMEDNC and OFID projects and credits SMEs in the framework of a stabilization loan provided by the Russian Federation.
According to its development strategy, “Ardshininvestbank” is enhancing its leadership on the corporate lending market. Most of the bank’s borrowers are big companies. That’s why presently the bank is focused on retail banking and SME support. “Ardshininvestbank” continues financing industry, construction and power engineering with priority given to production, particularly, “Almast” and “Arax” factories (Yerevan), “Karmshakmegena” Instrument Making Plant (Gyumri), “Aragats” factory (Aparan). The bank also supports a number of mining companies.
“Ardshininvestbank” is member of Contact, MoneyGram, Migom, IntelExpress, RIA, Coinstar Money Transfer, Bystraya Pochta and Zolotaya Korona and is partner to Russian Socgorbank, Fora Bank and Sberbank. The bank issues local ArCa cards and MasterCards.
As a result of the “Best Rival” inter-bank survey held by ArmInfo news agency in 2009, “Ardshininvestbank” was recognized as leader in large business crediting and currency market activities.
Chairman of the Board of Directors is Karen Safaryan. The board members are Alexander Arutyunov (Russia), Aram Andreasyan (Armenia), Anushavan Danielyan (Armenia), Abel Aghanbekyan (Armenia), Garegin Tosunyan (Russia) and Vadim Udalov (Russia).
Chairman of the Management Board is Nerses Karamanukyan. The board members are Gurgen Arutyunov (Russia, Deputy Chairman of the Board, Director of Branch Network), Manvel Sahakyan (Armenia, Chief Accountant), Olga Gasparyan (Armenia, Head of Economic Analysis and Planning Department), Karen Balasanyan (Armenia Deputy Chairman of the Board) and Karen Janinyan (Armenia, Head of Bank Risks Management Department).
Address: 13 and 13/1 Grigor Lusavorich Str., Yerevan, RA,
tell: 52-85-13,
fax: (374 10) 56-74-86,
E-mail: office@ashib.am, www.ashib.am |
