Bank History

2015
ARMECONOMBANK joined “CONVERSE TRANSFER” Payment System.
Heads of ARMECONOMBANK and BTA Bank (Kazakhstan) have signed a memorandum of understanding on the merger of Armeconombank and BTA Bank (Armenia).
ARMECONOMBANK OJSC and BLUEORCHARD MICROFINANCE FUND LLCsigned a loan agreement amounting to 3 million US Dollars, proceeds from which will be used for on-lending to and development of micro and small business in the Republic of Armenia.
MoneyGram clearing system, in appreciation of the multiannual experience and productive cooperation with ARMECONOMBANK, awarded the latter with a certificate for “Professionalism and outstanding contribution for money transfer service development in Armenia”.
ARMECONOMBANK became a member of became a member of the securities settlement system.
2014
ARMECONOMBANK received "The Leading Partner in Armenia" award from Asian Development Bank.
ARMECONOMBANK joined "Tandem" Payment System.
2013
German Commerzbank AG granted ARMECONOMBANK OJSC with "Excellence in Quality" award for ensuring flawless, quick and high quality of international transfers in 2013.
ARMECONOMBANK OJSC received ISO/IEC 27001:2005 certificate.
HRAZDAN-MIKRO branch was launched.
“Excellence in Quality” long term and effective cooperation certificate was awarded by MoneyGram.
2012
ARMECONOMBANK OJSC joined "Avers", "UNIStream", and "Golden Money Transfer" clearing systems.
2011
German Commerzbank AG granted ARMECONOMBANK OJSC with "Excellence in Quality" award for ensuring high quality transfers in EURO in 2011.
For the first time in Armenia, EBRD extended its participation (25%+1 share) for the maximum possible period (additional 3 years) in ARMECONOMBANK’s Chartered Capital.
Issuing Bank Agreement for Trade Finance was signed between ARMECONOMBANK OJSC and Asian Development Bank and the bank joined the Trade Finance Program of Asian Development Bank.
The second USD 5 mln Loan Agreement for SME on-lending to small and medium-sized businesses was signed between ARMECONOMBANK OJSC and Black Sea Trade and Development Bank.
A loan Agreement of USD6mln (equivalent in local currency) was signed between ARMECONOMBANK OJSC and EBRD for on-lending to small and medium-sized businesses.
Became a member of VISA international clearing system.
Joined IntelExpress clearing system.
Launched NUBARASHEN, GAVAR and ROSSIA branches as well as renewed SARAJOV BRANCH (new location and new name).
2010
In June, the second syndicated loan agreement was signed between ARMECONOMBANK OJSC and EBRD in result of which four internationally recognized financial institutions such as EBRD, UniCredit Bank Austria AG, FBN Bank (UK) Limited, and Blue Orchard Finance of Switzerland extended a syndicated loan of USD 10.0m. for on-lending to small and medium sized business.
In December, ARMECONOMBANK OJSC, IFC, and FMO signed a loan agreement, according to which ARMECONOMBANK OJSC was extended a loan in the amount of USD 10.0m. for on-lending to small and medium sized businesses.
ARMECONOMBANK OJSC, for the second year on end, was recognized the best Bank for excellent customer service by MoneyGram international money transfer system.
Austrian UNICREDIT BANK AG has granted ARMECONOMBANK OJSC an “Excellence for Quality” award for high quality EUR transfers in 2010.
Joined Contact and Coinstar money transfer systems.
EGHEGNADZOR branch was launched.
2009
In January the International Finance Corporation granted ARMECONOMBANK OJSC a USD 5,000,000 credit line under its GTFP.
ARMECONOMBANK has become a Member of “NASDAQ OMX” Armenia OJSC and ARMECONOMBANK is the first Bank in Armenia, the shares of which have been listed at B stand of “NASDAQ OMX ARMENIA”.
On November 3, 2009 in frameworks of "Co-finance" program a new agreement was signed between ARMECONOMBANK and EBRD, by which USD 2,000,000 mln was added to the existing USD 5,000,000 mln, the total amount of the program reaching to USD 7,000,000 mln.
MoneyGram international money transfer system summarizing the results of 2009 has rewarded ARMECONOMBANK with diploma and admitted the best bank in the sphere of customer servicing.
Joined “Lider”, “Ria Money Transfers”, “Zolotaya Korona”payment systems and “Worldlink” international payment system.
Shirak branch was launched.
2008
In February ARMECONOMBANK and the Black Sea Trade and Development Bank signed a Loan Agreement, according to which ARMECONOMBANK was granted a USD 5.0mln. loan aimed at small and medium size business finance.
A vocational centre of microfinance was opened.
AmRating/GlobalRating rating agency assigned Armeconombank a BB+ credit rating with a forecast of “possible rise”.
For the first time in Armenia ARMECONOMBANK OJSC and ArmenTel opened a call centre for customer service.
ARMECONOMBANK was considered by the EBRD as the most active Issuer Bank in the Republic of Armenia under the EBRD TFP.
Joined the "Blizko" payment system.
Zeytun branch was launched.
2007
For the first time in RA banking system in February Moody’s Investors Service International rating agency assigned ARMECONOMBANK E+ financial strength and B1 long-term AMD and foreign currency deposit ratings, both with stable outlook. In April Moody’s Investors Service International rating agency reviewed the assigned ratings as a result of which ARMECONOMBANK received higher D- financial strength and Ba3 long-term AMD and foreign currency deposit ratings, both with stable outlook.
In February ARMECONOMBANK and International Financial Corporation (IFC) signed a Loan Agreement , according to which ARMECONOMBANK was granted a USD 2.0mln. loan facility which was used for small and medium size businesses and mortgage financing.
In June ARMECONOMBANK was the first among Armenian banks to receive a certificate of excellent quality from German Commerzbank AG for fast and quality-wise performance of International foreign currency transfers.
In July ARMECONOMBANK and German-Armenian Fund countersigned a Loan Agreement, according to which during 2007 ARMECONOMBANK on-lended mortgage loans in the total amount of AMD 103.5mln.
In October ARMECONOMBANK and the European Bank for reconstruction and Development (EBRD) inked a Loan Agreement, which granted ARMECONOMBANK a USD 3.0mln. loan facility which has been on-lended to small and medium-size businesses.
In December ARMECONOMBANK and EBRD signed a syndicated Loan Agreement, according to which for the first time in RA Banking system 6 worldly known Financial Institutions EBRD, Commerzbank AG, Germany, Raiffeizen Zentralbank Osterreich AG, and Bank Austria Creditanstalt AG, Austria, State Bank of India, Land Bank of Taiwan, FBN BAnk (UK) Limited extended ARMECONOMBANK a USD 15.0 mln. syndicated loan directed to financing of SME’s.
For the first time in RA "Western Union" agency awarded ARMECONOMBANK a Diploma for long-lasting cooperation with "Western Union" money transfer system, significant role in development of "Western Union" system in RA, expansion of WU network and attraction of new sub-agents.
Joined the "Money Gram" payment system.
"Noragavit" and "Ijevan" branches was launched.
2006
In March ARMECONOMBANK and EBRD jointly organized and passed Trade Finance International Banking Conference in Yerevan.
In May the Bank and International Financial Corporation (IFC) signed "Trade Facilitation and Guarantee Extension Agreement".
Together with LUFTHANSA German Airways and HERTZ car-leasing company ARMECONOMBANK issued MasterCard standard cards, which give the cardholders an opportunity to benefit from the discounted services of LUFTHANSA German Airways and HERTZ car-leasing company in more than 150 countries.
In December a loan agreement was signed between EBRD and ARMECONOMBANK, according to which the Bank will receive a USD 2.0mln. loan, which will be directed exclusively to mortgage lending. This is the first mortgage project of EBRD performed in the Republic of Armenia.
Based on 2006 performance results, the Bank was declared the best paying agent for the Government of Armenia by the decision of the joint committee of CB and the Ministry of Finance and Economy.
CitiGroup awarded ARMECONOMBANK by Certificate of the Best Servicing Partner.
Bank participated in German KfW Bank "Mortgage sustainable development" program.
Ajapnyak, Gogavan, Nork-Marash and Rosia branches was launched.
2005
The chartered capital was replenished by 633.3mln. drams, as a result of which EBRD`s participation in the chartered capital formed 25%+1 shares.
ARMECONOMBANK OJSC and European Bank for Reconstruction and Development (EBRD) signed an Agreement according to which a credit was extended to ARMECONOMBANK in USD 2.0 mln.
"Lloyds TSB" bank, the winner of tender held for provision of technical assistance in the amount of EUR 500 thous. within the framework of EBRD`s participation, has promoted activities since June in accordance with Institutional Structuring Plan.
ARMECONOMBANK OJSC and Commerzbank AG signed an Agreement in consequence of which ARMECONOMBANK OJSC was granted a loan in USD 2 mln.
According to Co-financing Agreement signed between ARMECONOMBANK OJSC and EBRD, ARMECONOMBANK OJSC will receive a credit line in the amount of USD 3.0mln.
"Arminfo" information agency has honored the Bank with the title of the Best Armenian Bank performing mortgage crediting and acting actively in plastic card and FOREX markets.
Based on its performance results of 2005, the Bank was announced the best government paying agent by the decision of the Joint Committee of Central Bank and the Ministry of Economy and Finance of Armenia.
Khorhrdayin-1, Nairi Medical Centre, Araratyan, Agarak, Zvartnots, Bagratashen, Shirak, Khorenatsi, Gugark, Sisian, Airum and Bavra branches was launched.
2004
Loan guarantee agreement was signed between the Bank and KFW. Thanks to that agreement ARMECONOMBANK got opportunity to attract credit funds from international commercial banks, against which KFW is going to issue guarantees for the amount of $2.5 million as security.
Credit agreement was signed between ARMECONOMBANK and IFC, according to which loan for the amount of $2 million was granted to ARMECONOMBANK.
An Agreement was signed between ARMECONOMBANK OJSC and European Bank for Reconstruction and Development (EBRD). As a result of this agreement the process of participation of EBRD in the Bank's chartered capital started. In result, the participation of EBRD in the Bank's chartered capital will make 25%+1 share.
Kentron, Erebuni-1 and Ararat branches was launched.
2003
The Bank's chartered capital increased by 200 million AMD.
In cooperation with EBRD the Bank launched a new letter of credit financing instrument aimed at foreign trade facilitation.
According to the agreement signed between Bank and Western Union Financial Services INC organization, the Bank, as a special representative, obtained possibility to involve sub-representatives (non-financial organizations, business entities) in the territory of RA for the purpose of conducting cash transfers.
The Bank joined REUTERS system.
2002
The Bank's chartered capital increased by 300 million AMD.
The Bank was granted 500 thousands USD guaranteed loan under The Trade Facilitation Program of the European Bank for Reconstruction and Development (EBRD).
In October the Bank became an affiliated member of EUROPAY INTERNATIONAL payment system.
ARMECONMNAK was the only Bank in Armenia banking system which shares accrued in "NASDAQ OMX" "B" platform at 2002.
2001
The Bank obtained license for conducting banking activities from the Central Bank of RA (License N01).
The Bank increased its Chartered Capital by 100 million AMD.
Based on its year 2001 performance, the Bank was announced the best government paying agent by the decision of the Joint Committee of Central Bank and the Ministry of Economy and Finance of RA.
Based on results of its operations for year 2001 the Bank was recognized by AMEX (American Express Bank Ltd., New York) as the best servicing bank and was granted a quality certificate.
The Bank implemented a rating system for branches. A bonus scheme was established according to performance of branches.
The Bank implemented a bonus scheme for employees engaged in the lending project of German-Armenian Fund for Micro and Small Businesses.
The Bank installed an Automatic Teller Machine in "SIL PLAZA" shopping center to service ArCa cards.
Implemented active lending initiatives in the sphere of consumer loans.
2000
The Bank established “Econominkassatsia” SCJSC.
The Bank participated in the establishment of "Armenian Card" CJSC formed to manage the launch of a unified plastic card payment system in Armenia.
The Bank launched its own local (debit/credit) plastic card system.
The Bank actively conducted activities within the framework of the micro and small business financing project of the German-Armenian Fund.
The Bank was the first in the banking sector of RA to sign an agreement with EBRD to carry out a USD 1 million loan project without state guarantee.
The Bank launched a customer service system based on Home Banking (a service not requiring a visit to a bank).
The Bank participated in the establishment of SIL Insurance ICJSC, an insurance company.
Joined the project by the Urban Institute "For provision of housing procurement licenses to the population of the Disaster Area".
Based on its year 2000 performance, the Bank was announced the best paying agent of the Treasury by the decision of the Joint Committee of Central Bank and the Ministry of Economy and Finance of RA.
1999
The Bank participated in the loan project by Lincy Foundation for small and medium size businesses.
The Bank joined the Western Union international payment system, including its entire branch network.
1998
The Bank obtained license for conducting banking activities from the Central Bank of RA (License N01).
The Bank joined to BankMail electronic payment system of the Central Bank of RA.
1997
The Bank obtained the right to act as a paying agent for the Ministry of Economy and Finance of RA.
The Bank obtained a license from the World Bank in the framework of project financing development of the small and medium businesses in RA.
Adopted international standards of bank accounting.
1996
The Bank obtained license for conducting banking activities from the Central Bank of RA (License N01).
The Bank became a member of the Yerevan Stock Exchange.
The Bank became a member of the Society for Worldwide Interbank Financial Telecommunications (S.W.I.F.T.) System.
1995
The Bank obtained General license for conducting foreign exchange operations from the Central Bank of RA (License N01).
The Bank became a member of the Association of Armenian Banks.
1993
The Bank was reregistered in the Central Bank of RA as an open joint-stock company (Registry N01/35).
The Bank obtained license for conducting banking operations from the Central Bank of RA (License N01/35).
1991
The Bank was registered at the Central Bank of RA as an open joint-stock company (Registry No.1).
1988
As a result of the reorganization of the USSR banking sector, the Armenian branch of the former USSR (Zhilsotsbank) was created and ARMECONOMBANK became its legal successor.
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Last modified on Thursday, 21 January 2016 12:40