OREANDA-NEWS. June 11, 2010. The third annual general meeting of ARARATBANK took place in “Tigran Mets” hall of Armenia Marriott hotel, reported the press-centre of ARARATBANK.

This year it was held under the slogan “Creating values”. It is noteworthy that ARARATBANK held its 2nd annual meeting last year under the slogan “Focused on the society”, and by the choice of the new  slogan ARARATBANK affirmed that it had been true to the policy it had chosen – moving towards the society by creating values, being an open, transparent, predictable, sustainable and reliable bank for its shareholders, customers and each member of society, ensuring ongoing development, providing contemporary and quality banking services supported by elaborate technologies.

The 3rd annual general meeting of ARARATBANK was called to order by B. Beglaryan, Chairman of ARARATBANK’s Board of Directors. He stated that ARARATBANK's performance of the last year was satisfying and the Bank's team, the management had proven that they were able to handle complex issues and would be able to be a leading and a sustainably growing bank.

Distribution results of additional issue of shares were presented by Arthur Melikyan, head of Legal Department of ARARATBANK ojsc

Ashot Osipyan, chairman of ARARATBANK’s executive board, presented financial highlights of the year 2009 to the shareholders of ARARATBANK ojsc, representatives of partner organizations, invitees and guests.

Speaking about activities of ARARATBANK ojsc in fiscal 2009 Ashot Osipyan, chairman of ARARATBANK’s Executive Board mentioned, that the assets of the Bank totalled AMD43billion 466 million in 2009, having increased by 46.7% over the 2008 indicator. Loan portfolio amounted to AMD16 billion 096 million and grew by 32.3% over 2008. Liabilities of ARARATBANK ojsc were AMD35 billion 517 million, the increase making up 60.8% over 2008. Shareholders’ equity was AMD7 billion 948 million and increased by 5.4% as compared with the figure of the year 2008.  Collection of utility payments as compared with 2008 increased by 170%. In 2009 ARARATBANK issued 38,140 plastic cards, by 81.3% more than in the last year. In 2009 ARARATBANK had 66,123 customers, by 154% more than in 2008. Net profit of ARARATBANK ojsc in 2009 amounted to AMD365 million.

As Mr. Osipyan mentioned in his speech, forecast challenges and targets of ARARATBANK’s activities will be the introduction of Customer Relationship Management (CRM) system, target meetings with focus groups of customers, consistent surveys based on SERVQUAL methodology, development of information system through expanding the range of services provided by the Bank’s Call Centre, and continuing the broadcast series of ARARATBANK News program.

The Chairman of ARARATBANK’s Executive Board also stated that ARARATBANK was persistent in applying Borrower Risk Rating (BRR) and Facility Risk Rating (FRR) models to maintain a modern system of risk management and risk based pricing of credit products.
 
One of the fastest growing and dynamically developing banks on the Armenian banking market, ARARATBANK pursues the objectives of  maintaining high growth rate, increasing its competitiveness on the banking market, strengthening the network of 29 existing branches  and expanding it further, increasing lending investments, improvement of customer service quality, increasing profitability and non-interest income, and the dividend policy.

In terms of applying a strategy of building new markets (Blue Ocean Strategy) ARARATBANK has been taking important steps by introducing the METRO card, Petrol+ system, and development of internet banking technologies.

Ashot Osipyan, chairman of ARARATBANK’s executive board, also spoke about the measures the Bank had undertaken in the crisis year 2009, as well as all the prospective undertakings the Bank is going to realize in 2010, thus further strengthening its position on the market, being competitive, sustainable, dynamically developing and a leading bank.

The profit of year 2009 was presented by Tigran Galstyan, chief accountant of ARARATBANK ojsc.

The third annual general meeting of ARARATBANK ojsc was attended by members of Central Bank Board, representatives of European Bank for Reconstruction and Development, a shareholder of ARARATBANK ojsc, Canadian CRC Sogema, a partner of ARARATBANK and National Bank of Canada.

Summarizing the 3-rd annual general meeting of ARARATBANK ojsc Mr. B. Beglaryan, chairman of the Board of Directors thanked all the attendees and participants ensuring that ARARATBANK will always be a sustainably growing, and reliable bank creating values for its customers.