List of banks in Armenia
| Industry | Banking and finance |
|---|---|
| Founded | Various (earliest 1910) |
| Headquarters | Yerevan , Armenia |
Area served | Armenia |
| Products | Commercial banking, development banking, financial services |
This article provides an overview of the banking institutions in Armenia.
Central bank
Commercial banks
As of 4 November 2024, there are 18 commercial banking entities functioning within Armenia. The list includes:[1]
16|||"Byblos Bank Armenia" CJSC|||1992|||Yerevan|||2|||80|||85,120|||176|||AEIEUS33 17|||"Mellat Bank" CJSC|||1995|||Yerevan|||1|||51|||46,266|||96|||BKMTAM22 18|||Fast Bank|||2022|||Yerevan|||35|||1000|||30,100|||78|||FCAOAM22| Rank | Institution | Year Established | Headquarters | Number of Branches |
Number of Employees |
Assets as of Dec 2017 (million AMD) |
Assets as of Dec 2017 (million USD) |
SWIFT Code |
|---|---|---|---|---|---|---|---|---|
| 1 | "Ameriabank" CJSC | 1910 | Yerevan | 14 | 695 | 677,722 | 1,400 | ARMIAM22 |
| 2 | "AMIO BANK" CJSC | 1991 | Yerevan | 53 | 898 | 574,944 | 1,188 | ARMNAM22 |
| 3 | "Ardshinbank" CJSC | 2003 | Yerevan | 64 | 1,154 | 568,273 | 1,174 | ASHBAM22 |
| 4 | "Acba bank" OJSC | 1996 | Yerevan | 58 | 1,348 | 311,023 | 642 | AGCAAM22 |
| 5 | "Inecobank" CJSC | 1996 | Yerevan | 26 | 950 | 277,842 | 574 | INJSAM22 |
| 6 | "Converse Bank Corp" | 1993 | Yerevan | 31 | 710 | 252,736 | 522 | COVBAM22 |
| 7 | "VTB Bank Armenia" CJSC | 1993 | Yerevan | 67 | 1201 | 216,060 | 446 | ARMJAM22 |
| 8 | "ARARATBANK" OJSC | 2004 | Yerevan | 61 | 884 | 212,602 | 439 | ARMCAM22 |
| 9 | "HSBC Bank Armenia" CJSC | 1996 | Yerevan | 7 | 414 | 208,649 | 431 | MIDLAM22 |
| 10 | "UniBank" OJSC | 2001 | Yerevan | 45 | 785 | 203,221 | 420 | UNIJAM22 |
| 11 | "ARMECONOMBANK" OJSC | 1991 | Yerevan | 50 | 872 | 190,803 | 394 | ARECAM22 |
| 12 | "ArmSwissBank" CJSC (non-retail) | 2004 | Yerevan | 1 | 110 | 162,020 | 335 | ARSJAM22 |
| 13 | "ArtsakhBank" CJSC | 1996 | Yerevan | 23 | 492 | 137,339 | 284 | ARTSAM22 |
| 14 | "ID Bank" CJSC | 1990 | Yerevan | 14 | 405 | 131,931 | 273 | ANIKAM22 |
| 15 | "EVOCABANK" CJSC (formerly Prometey) | 1990 | Yerevan | 11 | 254 | 105,532 | 218 | PRMLAM22 |
| - | Aggregate | - | - | 525 | 11,175 | 4,362,083 | 9,010 | - |
- Ameriabank, originally established in1910 as the Yerevan branch of the Caucasus Trade Bank.
- Amio Bank, founded in1994 succeeding Arminvestbank (which was active since1991), underwent rebranding in2023.
- Byblos Bank Armenia, successor to International Trade Bank (operating since1992), commenced operations in2000.
- Converse Bank, initiated in1993 under the name North Armenian Shareholding Bank.
- Evocabank, began as Prometheus Bank in1990, renamed Prometey in2001 before adopting the Evocabank brand in2017.
- HSBC Bank Armenia, started as Midland Armenia Bank in1996 and was acquired by HSBC in1999.
- VTB Armenia, launched initially as ArmSavingsBank in1993 and rebranded to VTB Armenia in2006.
Rankings
In the first quarter of 2018, commercial banks operating in Armenia reported a combined net profit of 20.1 billion drams, marking an 87.2% rise compared to 10.7 billion drams during the same timeframe in the previous year. Profitability was universal among all 17 banks, with Artsakhbank, Ameriabank, Ardshinbank, Acba bank, and Inecobank experiencing the most significant growth in net earnings.
As of the close of 2017, Ameriabank held the largest asset base. The leading five banks by asset volume—Ameriabank, Armbusinessbank, Ardshinbank, Acba bank, and Inecobank—collectively controlled 55.8% of the total assets within the banking sector.
During 2017, profitability was achieved by 15 out of the 17 banks. The top five institutions in terms of net profit were Ameriabank, Inecobank, Ardshinbank, Acba bank, and IDBank. Ameriabank topped the list with a net profit of 7.6 billion drams, reflecting a 23.89% increase from the previous year.
In the first three quarters of 2017, mortgage lending was dominated by Ardshinbank, Converse Bank, Ameriabank, Araratbank, and HSBC Bank Armenia, which together accounted for 53.2% of total mortgage portfolio volumes.
Ratings
Fitch Ratings affirmed a stable outlook for Armenia’s banking industry throughout 2018.
Development banks/representative offices
Armenia hosts several prominent regional and international development financial institutions:
- Asian Development Bank, maintaining a regional representative office since 2005
- Interstate Bank, operating a regional office since 1994
- Rosselkhozbank, the Russian state agricultural bank’s office established in 2012
- Panarmenian Bank, initially founded in 2008 as an enterprise development bank; transformed into a fund in August 2018
- European Bank for Reconstruction and Development (EBRD), with an active presence in Yerevan; Armenia holds membership
- Eurasian Development Bank, represented by an office in Yerevan; Armenia is a full member
- World Bank, having a representative office in Yerevan; Armenia is a full member
- International Monetary Fund (IMF), with representation in Yerevan; Armenia is a member country
- International Bank for Reconstruction and Development, maintaining an office in Yerevan
- Black Sea Trade and Development Bank, with Armenia as one of its founding members
- Asian Infrastructure Investment Bank, which included Armenia as a regional member starting in 2018
Former commercial banks
- Armenian Development Bank, which merged into Araratbank
- AreximBank-Gazprombank, acquired by Ardshinbank
- Cascade Bank, integrated into Ameriabank through merger
- BTA Bank, merged with ArmEconomBank
- ProCredit Bank, purchased by Inecobank
See also
- Armenia Securities Exchange
- Central Depository of Armenia
- Economy of Armenia
- List of banks in Europe
External links
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