Geoteam hasn’t started mining in Amulsar yet but the company has made significant social investments. In Armenia the investment of business entities into social projects is often taken with suspicion especially when a company hasn’t seen profit yet. Why would at all a business entity undertake social development projects?
The opening ceremony of the renovated Davtashen branch of ArdshinbankCJSC took place on August5, 2015 in Yerevan,51/1T. Petrosyan street.TheDirector of retail business Mr. Artur Gyulazyan congratulated the branch employees, customers and guests on occasion of the branch opening. In particular, he noted:
The new longer dated 5-year funding provides Ardshinbank with an important competitive advantage as it will allow the bank to offer longer-dated loan products in Armenia and take advantage of local growth opportunities.
On the 9-th of July Ardshinbank CJSC has been awarded the Best Bank in Armenia for the Year 2015 by “Euromoney” magazine in London.
On 17th June, 2015 Fitch rating agency assigned «Ardshinbank» CJSC a B+ Long Term Issuer Dafault Rating with Negative Outlook.
ARDSHINBANK published its financial results for the first quarter of 2015, continuing to demonstrate a sustainable growth.
Ardshinbank and the OPEC Fund for International Development (OFID) signed a US$10 million loan agreement on March 31, 2015 in Vienna. The agreement was signed by Mr. Suleiman Jasir Al-Herbish, the Director-General of the OPEC Fund for International Development and Mr. Mher Grigoryan, the Chairman of the Management Board of Ardshinbank.
Mr Jan van Bilsen is IFC’s newly appointed Regional Manager for the South Caucasus.
Amulsar requires a very large investment. Construction costs are estimated at US$426 million. There are also other costs and contingencies to fund, which will likely add an additional 10-20%.
By results of the year, the Bank has strengthened its position among the top three of the banking system by all key indicators. Net profit income for the year 2014 has been AMD 4,2bln.
