OREANDA-NEWS. August 31, 2009. Agreement on ARARATBANK's purchasing of "Izmirlian-Eurasia Universal Credit Organization" LLC has been signed at the Head Office of ARARATBANK. Consequently ARARATBANK will become the only shareholder of "Izmirlian-Eurasia USO" LLC, reported the press-centre of ARARATBANK.

The agreement has been signed by CEO of ARARATBANK OJSC Mr. Ashot Osipyan and Chairman of Armenian branch of "Izmirlyan Fund" Ara Hamazaspyan.

This transaction is ARARATBANK's first investment into the other individual's chartered capital.

As ARARATBANK OSJC's CEO Mr. Ashot Osipyan said after the solemn ceremony of the agreement signing. "Through this transaction ARARATBANK will have100 percent shares in a capital of a credit company, consolidating its positions in the financial market. Besides, ARARATBANK attains new clients as well".

Mr. A. Osipyan also mentioned that still many years ago serious cooperation between ARARATBANK and Swiss "Izmirlyan Fund " was established. It was especially evident in the field of small and medium business crediting. According to Mr. A. Osipyan, "This transaction will boost the crediting processes, the crediting company will implement more expansive and large-scale crediting programs with more serious resources".

The total assets of ""Izmirlyan-Eurasia Universal Credit Organization" LLC comprise AMD 2.103,6 million, crediting investments comprise AMD 891,5 million, total capital is AMD 2.097,1 million.

As of 24.08.09 ARARATBANK OSJC's cumulative profit comprises AMD 1287 million. As of 24.08.09 it comprises AMD 7786 million.