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Armeconombank

Sector: Residential • Location: Armenia

Source: International Finance Corporation (IFC)

Project
Completed

Armeconombank (AEB or the bank) is one of the largest, privately controlled banks in Armenia and is the successor of Zhilsotzbank, one of the former state-owned banks. It is the 4th largest bank in Armenia in terms of assets, with 24 branches across the country and 450 employees. Today the bank focuses on serving SMEs, retail clients, and financial institutions. AEB had the net worth of approxi

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The project “Armeconombank” is an infrastructure initiative in the Residential sector, located in Armenia. Taiyo aggregates data on it from International Finance Corporation (IFC).

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Participants

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Status

Original status

completed

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Description

Description

Armeconombank (AEB or the bank) is one of the largest, privately controlled banks in Armenia and is the successor of Zhilsotzbank, one of the former state-owned banks. It is the 4th largest bank in Armenia in terms of assets, with 24 branches across the country and 450 employees. Today the bank focuses on serving SMEs, retail clients, and financial institutions. AEB had the net worth of approximately $5.3 million and total assets of approximately $33.4 million equivalent as of the end of 2003. The proposed $2.0 million senior loan to AEB, to broaden the bank’s funding base for on-lending to SMEs and for residential housing projects, would be IFC’s first investment in the Armenian commercial banking sector. IFC will also consider an equity investment of up to $1.0 million to support AEB’s capital base.

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Source

Source reliability

High

Data quality score

100%

Source

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URL

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