Armenian Development Bank ceases operations
Armenia’s AraratBank and Armenian Development Bank have merged. The banks have already signed the corresponding agreement. The merger has been ratified by the country’s Central Bank which confirmed and registered the agreement to reorganize AraratBank, a remaining bank, with the Armenian Development Bank, a merging bank. The two banks have implemented the actions envisaged by the agreement and confirmed the transfer act. As a result, AraratBank will be a fully-fledged successor of the Armenian Development Bank in terms of rights and liabilities whereas the Armenian Development Bank will stop its activity. On December 30, the Central Bank suspended License N14 of the Armenian Development Bank. The merger was a result of a recent law requiring commercial banks to have a minimum capital of 30 billion AMD.
