OREANDA-NEWS. May 20, 2010. In Zagreb, Croatia, the European Bank for Reconstruction and Development held its Business Forum and the Annual Meeting also attended by Ashot Osipyan, Chairman of ARARATBANK's Executive Board. Mr. Osipyan concluded an agreement on capital increase with the European Bank for Reconstruction and Development (EBRD) in Zagreb, reported the press-centre of ARARATBANK.

EBRD increases its participation in ARARATBANK by up to AMD255 million (approximately USD600,000) through a subscription to new shares. The EBRD's investment is part of ARARATBANK's capital increase of AMD 1 billion (approximately USD2.4 million), which will support the bank's further expansion. The EBRD's stake will remain at 25 per cent plus one share.

The capital increase will enable ARARATBANK to diversify its loan portfolio and expand its client base by servicing medium and large businesses, as well as to expand its branch network.
"The EBRD is pleased to continue its collaboration with ARARATBANK and to support further development of the bank.

The capital increase will allow ARARATBANK to maintain its ranking in the banking system and diversify its range of financial products," said Nick Tesseyman, EBRD Managing Director for Financial Institutions after the signing ceremony.

"We highly appreciate our cooperation with the EBRD considering it as a guarantee of introduction and implementation of modern banking and financial technologies and best international practices. These allow ARARATBANK to be among leading Armenian banks and provide full spectrum of financial services compliant with the European banking standards", said Ashot Osipyan, Chairman of ARARATBANK's Executive Board during the same ceremony.