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Regional

Ardshininvestbank plans to buy shares of Artsakh Investment Fund

  • by Siranush Manucharyan

  • Friday, August 15, 18:52

 Ardshininvestbank is going to buy the shares of Artsakh Investment Fund so as to be able to take part in its mortgage program in Nagorno-Karabakh, the bank's CEO Mher Grigoryan said at a meeting with Nagorno-Karabakh's Prime Minister Ara Harutyunyan on Friday.

According to the NKR Government, Harutyunyan said that banking is crucial for economic growth. In this light, he stressed the big role of Ardshininvestbank plays in different projects in Nagorno-Karabakh.

Grigoryan said that his bank is committed to enlarge its activities in Nagorno-Karabakh, particularly, it is going to reduce the interest rates for consumer loans issued in the republic.

Artsakh Investment Fund (AIF) was established as Artsakh Development Agency SNCO's successor on Nov 1 2007 based on the NKR Government's Oct 29 decree. The Fund implements business support and mortgage programs.

According to ArmInfo's Rating of Banks of Armenia, as of July 1 2014 Ardshininvestbank had the 3rd biggest assets among Armenia's banks (275.4bln AMD, 18% growth as compared with July 1 2013) and the 4th biggest loan book (186.3bln AMD, 20.3% growth). As many as 69.3% of all loans were loans given to the economy (129.1bln AMD, 32.3% growth), 4.7% or 78.4bln AMD were mortgage loans (77% growth), 26.1% or 46.8bln AMD were consumer loans. The bank's net profit totaled 2.8bln AMD (36.2% growth, the 3rd place).

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