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As of 4 November 2024, there are 18 commercial banks operating in Armenia. This includes: [2]
| Rank | Name | Founded | HQ | # branches | # employees | Assets Dec 2017 million AMD | Assets Dec 2017 million USD | SWIFT |
|---|---|---|---|---|---|---|---|---|
| 1 | "Ameriabank" CJSC [3] | 1910 | Yerevan | 14 | 695 | 677,722 | 1,400 | ARMIAM22 |
| 2 | "AMIO BANK" CJSC [4] | 1991 | Yerevan | 53 | 898 | 574,944 | 1,188 | ARMNAM22 |
| 3 | "Ardshinbank" CJSC [5] | 2003 | Yerevan | 64 | 1,154 | 568,273 | 1,174 | ASHBAM22 |
| 4 | "Acba bank" OJSC [6] | 1996 | Yerevan | 58 | 1,348 | 311,023 | 642 | AGCAAM22 |
| 5 | "Inecobank" CJSC [7] | 1996 | Yerevan | 26 | 950 | 277,842 | 574 | INJSAM22 |
| 6 | "Converse Bank Corp" [8] | 1993 | Yerevan | 31 | 710 | 252,736 | 522 | COVBAM22 |
| 7 | "VTB Bank Armenia" CJSC [9] | 1993 | Yerevan | 67 | 1,201 | 216,060 | 446 | ARMJAM22 |
| 8 | "ARARATBANK" OJSC [10] | 2004 | Yerevan | 61 | 884 | 212,602 | 439 | ARMCAM22 |
| 9 | "HSBC Bank Armenia" CJSC [11] | 1996 | Yerevan | 7 | 414 | 208,649 | 431 | MIDLAM22 |
| 10 | "UniBank" OJSC [12] | 2001 | Yerevan | 45 | 785 | 203,221 | 420 | UNIJAM22 |
| 11 | "ARMECONOMBANK" OJSC [13] | 1991 | Yerevan | 50 | 872 | 190,803 | 394 | ARECAM22 |
| 12 | "ArmSwissBank" CJSC [14] (not retail banking) | 2004 | Yerevan | 1 | 110 | 162,020 | 335 | ARSJAM22 |
| 13 | "ArtsakhBank" CJSC [15] | 1996 | Yerevan | 23 | 492 | 137,339 | 284 | ARTSAM22 |
| 14 | "ID Bank" CJSC [16] | 1990 | Yerevan | 14 | 405 | 131,931 | 273 | ANIKAM22 |
| 15 | "EVOCABANK" CJSC [17] | 1990 | Yerevan | 11 | 254 | 105,532 | 218 | PRMLAM22 |
| 16 | "Byblos Bank Armenia" CJSC [18] | 1992 | Yerevan | 2 | 80 | 85,120 | 176 | AEIEUS33 |
| 17 | "Mellat Bank" CJSC [19] | 1995 | Yerevan | 1 | 51 | 46,266 | 96 | BKMTAM22 |
| 18 | Fast Bank | 2022 | Yerevan | 35 | 1000 | 30,100 | 78 | FCAOAM22 |
| - | Summary | - | - | 525 | 11,175 | 4,362,083 | 9,010 | - |
Armenia-based commercial banks earned a total of 20.1 billion drams in net profit in the first quarter of 2018, up from 10.7 billion drams they had earned in the same period last year. The growth was 87.2%. All 17 banks closed the first quarter with a profit. The top five banks in terms of net profit growth were Artsakhbank, Ameriabank, Ardshinbank, Acba bank and Inecobank. [20]
Ameriabank was leading by size of assets by the end of 2017. The top five largest banks in terms of assets were Ameriabank, Armbusinessbank, Ardshinbank, Acba bank and Inecobank, which accounted for 55.8% of all assets. [21]
Out of 17 banks 15 were profitable in 2017. The top five banks by size of net profit were Ameriabank, Inecobank, Ardshinbank, Acba bank and IDBank. Ameriabank was the most profitable bank posting a total of 7.6 billion drams of net profit, an increase of 23.89% over the previous year. [22]
According to data from first 3 quarters of 2017 the five leading banks in terms of mortgage portfolios are Ardshinbank, Converse Bank, Ameriabank, Araratbank and HSBC Bank Armenia, which account for 53.2% of the total mortgage lending. [23]
Fitch Ratings’ bank sector outlook for Armenia in 2018 remains stable. [24]
Below is a list of regional and international banks which have operations in Armenia:
The economy of Armenia grew by 12.6% in 2022, according to the country's Statistical Committee and the International Monetary Fund. Total output amounted to 8.5 trillion Armenian drams, or $19.5 billion. At the same time, Armenia's foreign trade turnover significantly accelerated in growth from 17.7% in 2021 to 68.6% in 2022. GDP contracted sharply in 2020 by 7.2%, mainly due to the COVID-19 recession and the war against Azerbaijan. In contrast it grew by 7.6 per cent in 2019, the largest recorded growth since 2007, while between 2012 and 2018 GDP grew 40.7%, and key banking indicators like assets and credit exposures almost doubled.
Zvartnots International Airport is located near Zvartnots, 15 km (9.3 mi) west of Yerevan, the capital city of Armenia. It acts as the main international airport of Armenia and is Yerevan's main international transport hub. It is the busiest airport in the country.
The Central Bank of Armenia is the central bank of Armenia with its headquarters in Yerevan. The CBA is an independent institution responsible for issuing all banknotes and coins in the country, overseeing and regulating the banking sector and keeping the government's currency reserves. The CBA is also the sole owner of the Armenian Mint.
Bank of Georgia Group PLC is a UK incorporated, Georgian financial services holding company with its registered office in London, England, and its corporate headquarters in Tbilisi, Georgia. Its legal predecessor, Bank of Georgia Holdings, was formed in the UK in October 2011 to combine the shares of the Bank of Georgia and its subsidiaries under one company for direct trading on the stock exchange.
Artsakhbank is an Armenian bank with headquarters in Yerevan. As of November 20, 2017, the Bank has 7 branches in Yerevan and 11 branches in the defunct Republic of Artsakh.
Tigran Sureni Sargsyan is an Armenian political figure who was Prime Minister of Armenia from 2008 to 2014. Previously he was Chairman of the Central Bank of Armenia from 1998 to 2008. After leaving office as prime minister, he served as ambassador to the United States from 2014 to 2016 and as chairman of the board of the Eurasian Economic Commission from 2016 to 2020.
Before the 2020 Nagorno-Karabakh war, the economy of the Republic of Artsakh was small, but rapidly growing. The economy of Karabakh showed a relatively quick and confident recovery from the 1991-1994 war. In 1999, the GDP figure was $59 million, 80 percent down on the figure in Soviet times. Yet, the GDP of the Republic of Artsakh reached $114 million in 2005, double the figure in 2001, registering economic growth of 14% in 2005, and in 2009 it registered a GDP of $260 million, which increased to $320 million by 2010. Nagorno-Karabakh's GDP (PPP) for 2010 was estimated at $1.6 billion.
Ameriabank CJSC is an Armenian universal bank offering corporate, investment and retail banking services headquartered in Yerevan, Armenia.
The Armenian dram sign is the currency sign of the Armenian dram. In Unicode, it is encoded at U+058F֏ARMENIAN DRAM SIGN.
HayPost is the official national postal operator of Armenia. It was founded in 1991 following the collapse of the Soviet Union. HayPost has 900 locations in Armenia, from urban to remote and rural regions, as well as two overseas offices in the United States. The headquarters of HayPost is located in Yerevan.
Tourism in Armenia has been a key sector to the Armenian economy since the 1990s when tourist numbers exceeded half a million people visiting the country every year. The Armenian Ministry of Economy reports that most international tourists come from Russia, EU states, the United States and Iran. Though relatively small in size, Armenia has four UNESCO world heritage sites.
Ardshinbank CJSC is an Armenian commercial bank. The full name of the bank is the "Industrial Construction Bank CJSC".
ArmSwissBank CJSC is a private and investment bank founded in Yerevan in February 2005 after receiving its banking license N84 from the Central Bank of Armenia. Shortly after, the bank was also granted a brokerage license and custody license to expand its activities. The bank collaborates with KfW and EBRD within the scope of renewable energy and corporate lending programs.
Elite Plaza Business Center, also referred to as the Khorenatsi 15, is a business center in the financial center of Armenia's capital Yerevan opened in February 2013. It is the tallest building in Armenia. With its 18 floors and 21,700 sq.m. of office space Elite Plaza is the largest business center in Armenia.
Yerevan Thermal Power Plant, is a thermal power plant located about 10 kilometres (6.2 mi) from Yerevan, Armenia. An older, obsolete plant was fueled by natural gas and fuel oil, while the new combined-cycle plant is powered by natural gas and has a capacity of 242 megawatts. It produces a quarter of the country's electricity and is responsible for seasonal electricity swaps with Iran. The director general of the power plant is Hovakim Hovhannisyan.
The electricity sector of Armenia includes several companies engaged in electricity generation and distribution. Generation is carried out by multiple companies both state-owned and private. In 2020 less than a quarter of energy in Armenia was electricity.
The Acba bank was established in 1996, within TACIS program of the European Union. It is the biggest bank in Armenia for agriculture financing, especially in rural areas. It has 57 branches countrywide and had its IPO in 2021.
Mher Herberti Grigoryan is an Armenian politician currently serving as the Deputy Prime Minister of Armenia.
My Forest Armenia is a non-profit organization founded in 2019, in Yerevan, Armenia. The organization was established with the initial goal of offsetting carbon emissions from burning fossil fuels, which was carried out through reforestation and afforestation efforts in the Lori and Tavush provinces of Armenia. The organization planted 910,000 trees in Armenia in 2023.
Byblos Bank Armenia is an Armenian bank headquartered in Yerevan, offering banking services at four branches across the city. The Bank is a wholly owned subsidiary of the Lebanese Byblos Bank. It is one of 18 banks in Armenia supervised by the Central Bank of Armenia.
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