Today, the European Bank for Reconstruction and Development (EBRD) signed an agreement with "Ameriabank" for the purchase of a share of the bank's capital.
The contract was signed by Nick Teseyman, executive director for financial institutions of EBRD, and Andrey Mkrtchyan, chairman of the board of directors of "Ameriabank".
According to the contract, EBRD invests 40 million USD in order to acquire shares of "Ameriabank" CJSC. This transaction is the largest equity acquisition transaction signed by the EBRD in the region to date. Andrey Mkrtchyan, chairman of the board of directors of Ameriabank, said that the transaction was matured in previous years as a result of the bank's dynamic development.
In the first phase, EBRD is expected to acquire about 20 percent of the shares for USD 30 million. The remaining USD 10 million will be used for further capital raising. The purpose of the investment is to strengthen the positions of "Ameriabank" and to prepare for the initial public offering (IPO). In 2016, an independent director representing EBRD will join the board of directors of Ameriabank.
EBRD's investment ahead of a possible listing will support Ameriabank's growth by providing additional financial resources for lending to large corporate and private clients, small and medium enterprises and retail clients.
Andrey Mkrtchyan, Chairman of the Board of Directors of "Ameriabank" said that today "Ameriabank" is the absolute leader in the banking system of Armenia in almost all key indicators. The bank is the largest taxpayer in the financial system of Armenia.
"Today, our assets exceed 1 billion dollars, which is an unprecedented historical phenomenon in the banking history of independent Armenia. Today, the bank is the largest creditor of the Armenian economy, lending to almost 30 branches of the economy. Over the past years, the bank has provided loans equivalent to almost 2 billion dollars, created thousands of jobs in Armenia through credit programs," said Andrey Mkrtchyan.
According to him, the bank has always been the leader in the implementation of innovative technologies, managed to create a unique corporate culture, a corporate management system striving for the best international standards.
"During these years, we have managed to attract funds equivalent to more than half a billion US dollars from international financial institutions. Among those partners, two partners have a special and key role: the EBRD and the International Financial Corporation," he emphasized.
To the question whether the bank's strategy will change as a result of this transaction, Andrey Mkrtchyan answered that the bank's strategy will remain the same.
Source: http://www.lragir.am