Latest News - Banking News
Moody's Investors Service has affirmed the Baa3 local and foreign currency ratings of the Romanian government. The country's local and foreign currency bond ceilings are affirmed at Aa3
and A1, respectively. Moody's also affirmed Romania's foreign currency deposit ceiling at Baa3, short-term foreign currency bond ceiling at P-1
NASDAQ OMX Armenia ready assist companies with IPO. The Armenbroke Company, underwriter for the Artsakh Hydro OJSC, announced the initial public offering of the energy-generating company’s shares to the amount of 3.45bln AMD (over $9.5mln). A total of 3,285,715 shares (1,050 AMD each) are being placed.
Armenian Trade Deficit Hits New High Armenia’s massive trade deficit reached a new record high in 2008 amid soaring imports and sliding exports that reflected the growing impact of the global financial crisis on its economy.
According to the National Statistical Service (NSS), the deficit jumped by 29 percent and all but passed the $3 billion mark in the first eleven months of the year. The full-year figure for 2007 reported by the NSS was $2.12 billion.
Moody's reports: Negative outlook for Armenian banking system. The fundamental credit outlook for the Armenian financial institutions is negative, reflecting the operating environment's potential volatility and lingering political tensions, says Moody's Investors Service in its new Banking System Outlook on Armenia. Moody's negative outlook for the Armenian banking system expresses the rating agency's view on the likely future direction of fundamental credit conditions in the industry over the next 12 to 18 months. It does not represent a projection of rating upgrades versus downgrades.
The EBRD is considering making a loan of $20 million to private Armenian company D&H GROUP LLC to support the financing of a multi purpose complex construction of 79,330 square meters in the city of Yerevan, Armenia. The complex will include 315 residential units targeting the middle class market and 19,000 square metres...
ArmSwissBank will underwrite $500.000 bonds of UCO Express-Credit.
Yerevan July 23 2008. Public placement of registered coupon bonds of “UCO Express-Credit” will take place from July 29 up till August 11 inclusively.
ArmRosGasprom’s Authorized Capital to reach $1.150 bln in Late 2008.
Yerevan, July 15 2008. ArmRosGasProm’s authorized capital stock will total $1.150bln by late 2008, ArmRosGasProm General Director Karen Karapetyan said at today’s ceremony on the placement of non-documentary bonds.
ARG announced the placment of its bonds.
Yerevan July 15 2008. ArmRosGazprom announced today the placement of second emission of its bonds with total value of $3.3 mln. Financial Director of the Company Vahram Arakelyan informed today that the principal value of the bonds will make $165, the circulation term is 36 months and annual interest rate is 9,5%.
Turnover of money transfer system Unistream has reached $324,5 million.
According to results of the first half-year of 2008, the turnover of money transfer system Unistream has reached $324,5 million in Armenia, which has exceeded the indicator of similar period of the previous year by 40.3 %.
IMEX Group will issue corporate bonds in Armenia.
IMEX Group is planning the issue and placement of corporate bonds in Armenia. The decision on issuing the bonds meets the strategic plan of IMEX Group on increasing openness and transparency of the activity in accordance with the new requirements of the market.
Monetary base reduced by $33 mln.
Yerevan, July 2 2008. Monetary base reduced by $33 mln or by 2.5% down to $1,287 mln in Armenia in May.
The RA National Statistical Service reports that cash drams outside the banking system totaled $1,102 mln at the end of May as compared with $1,087 mln in the beginning of the month.
Armavia intends to buy an AIRBUS aircraft.
Yerevan, July 2 2008. Armavia, National Air Company, intends to buy an AIRBUS aircraft, press office of the company, reported on Wednesday.
In January-May 2008, Armenia’s budget revenues totaled $934.35 mln.
Yerevan, June 28 2008. In January-May 2008, a $56.13 mln surplus was recorded in Armenian budget. The RA Statistical Service reports that a $24 mln came from the funds received under goal-oriented programs.
The Annual General Meeting of ACRA Credit Reporting CJSC.
Yerevan, June 27 2008. Armenian credit bureau ACRA Credit Reporting has collected information about 750,000 borrowers and loans totaling $6 mln.
Arthur Javadyan, the chairman of the bureau and the head Armenian Central Bank, said Friday at the annual meeting.
PriceWaterhouse Coopers LLP opens office in Yerevan.
PriceWaterhouse Coopers Company officially announced today the opening of its office in Armenia.
Mike Kubena, CEO Senior Partner of PricewaterhouseCoopers Central and Eastern Europe noted that Armenia is the 150th country where...
PAN-Armenian bank to be founded in Armenia in 2008-2009.
Yerevan, June 23. A Pan-Armenian bank with an authorized capital of $100mln is to be founded in Armenia late in 2008-early in 2009.
Comstar to get long haul communication codes in Armenia.
The Russian Comstar United Telesystems (UTS) plans to get access to long-haul communication codes in Armenia, the company’s Vice-President Victor Koresh reported. “We were licensed in the first quarter of 2008 to access long-haul communication in Armenia and we plan to get the codes soon,” he said at a press conference in St. Petersburg.
Yerevan, June 2 2008. The South Caucasian Railway made a decision on June 1 to include the rolling stock of the Armenian Railway CJSC into its balance shetet under the concession agrement signed on February 13, 2008 on transferring the Armenian railway system SCR.