Wednesday, April 22 2015 06:28

ArmSwissBank expects its loan book to grow by 10-20% at the yearend of 2015, Gevorg Machanyan, Executive Director of "ArmSwissBank" CJSC, has told ArmInfo.  

"The sharp increase is not our style. We advocate moderate but stable growth - by 10-20%. Given the specificity of the Bank's services and the previous years' indices, one can suppose that such growth is quite realistic," he says. 

According to the Financial Rating of Armenian Banks, prepared by the Agency of Rating Marketing Information (ArmInfo), as of 1 Jan 2015, ArmSwissBank's assets amounted to 84.5 bln AMD, total capital - 17.9 bln AMD, lending - 38.1 bln AMD, liabilities - 66.6 bln AMD, time deposits - 29.3 bln AMD (with the corporate time deposits prevailing over the personal ones). The Bank's investments in government bonds amounted to 28.6 bln AMD. At the yearend of 2014, the Bank's net profit totaled 2.3 bln AMD. 

ArmSwissBank was established on October 7, 2004 as a closed joint stock company by Mr. Vartan Sirmakes, CEO, founder and 100% owner of "Frank Muller Watchland" company. On February 25, 2005 ArmSwissBank was granted banking license by the Central Bank of Armenia. Vartan Sirmakes is the owner of the Bank's 11670 (80 %) ordinary shares, with the remaining 20% (2918 ordinary shares) belonging to "Belegingsmachepij Jongo" LLC.