Bank History

• The Bank’s charter capital has been supplemented with AMD 1,480,172.0 thousand.
• ARMECONOMBANK OJSC carried out a distribution of ordinary shares in the proportion of 1 share = 5 shares, as a result of which the nominal value of the shares increased from AMD 10,400  to AMD 2,080.
• On 1 February 2023 the “Fitch Ratings” international rating company awarded ARMECONOMBANK OJSC 'B' long-term foreign currency issuer default rating (IDR) with a stable outlook and 'b' viability rating (VR), then on February 24 upgraded the rating outlook from 'Stable' to 'Positive' and reaffirmed the “B” Long-Term Foreign-Currency Issuer Default Rating (IDR)
• Loan agreement for total USD 5.0mln was signed between the Bank and Swiss BlueOrchard Finance S.A. investment company of the Great Duchy of Luxembourg managed by Swiss BlueOrchard Finance S.A. company to finance micro, small and medium entreprises.
• Loan agreement for total USD 5.0mln was signed between the Bank and Dual Return Fund S.I.C.A.V.  investment company of Great Duchy of Luxembourg managed by Swiss Symbiotics Investment Management SA company directed towards the financing of entreprises.

• ARMECONOMBANK OJSC was awarded the "2023 leading partner bank in Armenia" award within the framework of 9^th annual awards for trade financing held by Asian Development Bank.

• ARMECONOMBANK OJSC was awarded “The issuer of unique products” prize by Visa international clearing system.
• “SILACHI” branch was launched.

• The Bank’s charter capital has been supplemented with AMD 544,513.0 thousand.
• 4 credit agreements with a total amount of USD 15.0 mln. directed towards the financing of micro enterprises were signed between “ARMECONOMBANK” OJSC and investment companies managed by Swiss responsibility Investment AG.
• 3 loan agreements with a total amount of USD 15.0 mln.  were signed between “ARMECONOMBANK” OJSC and investment companies managed by Black Sea Trade and Development Bank (BSTDB) directed towards financing  of micro, small and medium enterprises.
• Credit agreements with a total amount of  USD 15.0 mln were signed between “ARMECONOMBANK” OJSC and investment companies managed by  Belgian INCOFIN Investment company directed towards financing of micro enterprises.

2021

• The Bank’s charter capital was supplemented with AMD 151,892.0 thousand.
• 5 loan agreements in the total amount equivalent to USD 14.0 mln. were signed by and between ARMECONOMBANK OJSC and a number of investment companies of Grand Duchy of Luxembourg managed by Swiss Symbiotics S.A. company to finance  micro, small and medium-sized enterprises and low and middle-income households.
•  ARMECONOMBANK OJSC and Global Impact Investments Sàrl investment company located in Grand Duchy of Luxembourg and managed by Symbiotics S.A. Swiss investment company have signed a long-term subordinated loan agreement in the amount of USD  5 mln.
•  ARMECONOMBANK OJSC and European Bank for Reconstruction and Development have signed EUR 5 mln. equivalent AMD loan agreement. The resources attracted under the agreement will be directed to the fulfillment of energy efficient projects in micro, small and medium-sized enterprises.
• ARMECONOMBANK OJSC and Proparco French development agency have signed USD 10.0 mln. loan agreement. The attracted resources will be used to finance small and medium-sized enterprises and implement renewable energy, energy-efficient green projects.   
• By the results of 2021, “Armenia Securities Exchange” has granted ARMECONOMBANK OJSC ‘’The best issuer of shares” award.

2020

• ARMECONOMBANK OJSC charter capital was replenished by AMD 320,320.0 thousand.
• ARMECONOMBANK OJSC and the Dutch Entrepreneurial Development Finance Bank (FMO) signed the second loan agreement in the total amount of USD 10mln and EUR 5mln. The funds attracted under the agreement will be directed to the target groups- MSMEs, women and young customers, “Green” and agricultural programs.  
• USD 15mln loan agreement was signed between ARMECONOMBANK OJSC and Asian Development Bank (ADB) to finance micro, small and medium enterprises. 
• Asian Development Bank granted ARMECONOMBANK OJSC the “Leading partner bank in Armenia’’ award for the transactions executed during a year within the framework of Trade Finance program.
•  The sixth, USD 10.7mln loan agreement in equivalent Armenian drams was signed between ARMECONOMBANK OJSC and SYMBIOTICS S.A. of Switzerland to promote social and green projects.
• A new agreement on the rendering of payment service was signed with ПАО СБЕРБАНК under which the cardholders of ПАО СБЕРБАНК can execute transfers through the mobile application of ПАО СБЕРБАНК in favor of of any cardholder of ARMECONOMBANK OJSC.
•  ARMECONOMBANK OJSC was granted “The corporate and investment bank of the year” award during “Asian Banking & Finance Awards 2020” annual ceremony.
• ARTASHISYAN and KANAKER branches were launched.
• According to Moody's Investors Service international rating agency, current ratings of the Bank are the following:

           Long Term Counterparty Risk Rating: Ba3

           Long Term / Short Term Deposit Rating: B1/NP

2019

• The Bank’s charter capital was supplemented with AMD 3,369,00 thousand.
• ARMECONOMBANK OJSC and “INCOFIN CVSO CVBA-SO ”  investment company, a company located and registered in Belgium and managed by Belgium-based “INCOFIN Investment Management” company,  signed a loan agreement in the amount of USD 3.0 mln. The facilities attracted under the agreement will be directed to on-lending of micro and small businesses in Armenia.
• USD 10 mln. equivalent AMD loan agreement with 4 years redemption period was signed between ARMECONOMBANK OJSC and EBRD, which followed the successfully completed program signed between the parties in May 2018, within the framework of EBRD “Eastern Partnership Women in Business Program’’.
• ARMECONOMBANK OJSC and Netherlands Development Finance Company (FMO) signed USD 20.0 mln. loan agreement with  5 years redemption period to finance mortgage, education as well as micro, small and medium enterprises in RA. 
• USD 10.0 mln. loan agreement was signed between ARMECONOMBANK OJSC and Black Sea Trade and Development Bank (BSTDB) to finance  micro, small and medium enterprises in Armenia.
• ARMECONOMBANK  OJSC and “BlueOrchard Microfinance Fund” LLC, a company located and registered in the Grand Duchy of Luxembourg , which is managed by Swiss “BlueOrchard Finance S.A.” , and “Symbiotics SICAV (Lux.)”, a company located and registered in the Grand Duchy of Luxemburg, which is managed by “Symbiotics S.A.”  and acts on behalf of “SEB Microfinance Fund VII”, “ Global Finance Inclusion Funs” and “ Hortensia Impact Investinf Fund, investment companies signed  respectively USD 10.0 and USD 5.0 mln. equivalent AMD loan agreements. The funds attracted under the agreements will be used for on-lending of micro, small and medium enterprises in RA.
• During “Visa Recognition Award” ceremony hold in Yerevan,  ARMECONOMBANK OJSC was granted with “Contribution in Promoting VISA Premium Benefits” award by VISA international payment system.
• “AVAN”, “ARARATYAN” and “ROSSIA-1” branches were launched.
• ARMECONOMBANK OJSC has been granted “STP Quality Award 2019” by Raiffeisen Bank International AG which is the result of high quality, automatic processing and consequently the possible fastest execution of SWIFT transfers.
• The current ratings of the Bank, according to Moody's Investors Service internatinal rating agency.

           The Banks ratings are as follows:

           Long Term Counterparty Risk Rating: Ba3

           Long Term / Short Term Deposit Rating: B1/NP           

2018

• The Bank’s chartered capital supplemented with AMD 3,000,000.
• AMD 33,438,300 (thirty-three million, four hundred thirty-eight thousand, three hundred) from the Bank’s share premium, AMD 2,524,160,700 (two billion, five hundred twenty-four million, one hundred sixty thousand and seven hundred) from non-distributed profit and AMD 3,000,000,000 (three billion) from the Main reserve were directed to the increase of the chartered capital, as a result , the chartered capital amounted to AMD 22,266,343,200 and on the account of that the nominal value of a single common share increased by AMD 3000 and made AMD 10,400 against the previous AMD 7,400.
• Being Visa international clearing system member, issuing and maintaining Visa cards since 2011, in 2018 the Bank was granted with a license for the service of cashless transactions by Visa international clearing system.
• Within the framework of EBRD “Eastern Partnership Women in Business Program’’, ARMECONOMBANK OJSC and EBRD signed USD 2 mln. equivalent AMD loan agreement . The funds attracted under the agreement will be directed to the on-lending and development of women-led micro, small and medium enterprises.
• ARMECONOMBANK OJSC and «EFA Financial Institutions Debt Fund PTE.» Ltd investment company, a Singapore-based company managed by Singapore «EFA Group» company,  signed a loan agreement in the amount of USD 2.5 mln, the means of which will be directed to small and medium enterprise business lending in Armenia.
• ARMECONOMBANK OJSC attracted USD 8 mln. and EUR 3 mln. from «BlueOrchard Microfinance Fund, S.A.»,  an investment company managed by Swiss «BlueOrchard Finance S.A.»  company and located in Grand Duchy of Luxembourg
• For the first time in Armenian Bank system , “National Mortgage Company”  RCO CJSC  jointly with “SIL INSURANCE” ICJSC launched a prepayment insurance product on the refinancing of mortgage loans provided under ‘’Affordable housing for young families” national target program”.
• Launched MALATSIA and NORAGAVIT branches. 

   2017

• AMD 9,077,411,700  from the  share premium was directed to the replenishment of the chartered capital, as a result, the chartered capital amounted to AMD 13,708,744,200  and on the account of that the nominal value of a single common share increased by AMD 4,900 making AMD 7,400  against the former AMD 2,500 .
• ARMECONOMBANK OJSC and SYMBIOTICS – SEB IV MICROFINANCE FUND investment fund, a company managed by SYMBIOTICS S.A. of Switzerland and located in Grand Duchy of Luxembourg, signed a loan agreement in the amount of AMD 1,94 mln. for on-lending to micro businesses.
• AMD 486 mln. loan agreement was signed between ARMECONOMBANK OJSC and SYMBIOTICS – GLOBAL FINANCIAL INCLUSION FUND, a company managed by SYMBIOTICS S.A. of Switzerland and located in Grand Duchy of Luxembourg, the attracted resources of which will be directed to the financing of  micro businesses.  
• ARMECONOMBANK OJSC and GLS ALTERNATIVE INVESTMENTS – MIKROFINANZFONDS investment fund, a company managed by FRANKFURT SCHOOL FINANCIAL SERVICES GMBH and located in Grand Duchy of Luxembourg, signed a loan agreement for USD 1mln. to finance micro businesses.
• ARMECONOMBANK OJSC and GLOBAL IMPACT INVESTMENTS SÀRL investment company, a company managed by  SYMBIOTICS S.A. of Switzerland and located in Grand Duchy of Luxembourg, signed a loan agreement for USD 3 mln. for on-lending to micro businesses.
• The second USD loan agreement for USD 10 mln. was signed between ARMECONOMBANK OJSC and Belgian INCOFIN CVBA  company to finance micro and small businesses.
•  ARMECONOMBANK and German Development Financing Company DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH, a subsidiary of the KfW Group, signed a loan agreement for  USD 10 mln. to finance small and medium businesses in Armenia as well as local companies to purchase German equipment or services.
• Within the framework of Trade Finance Program for the third year in a row Asian Development Bank granted ARMECONOMBANK OJSC with ‘’Leading Partner Bank in Armenia ‘’ award.
• The bank was included in the list of ‘’Public debt management agents’’ by the Ministry of Finance of the Republic of Armenia and will act as a paying agent from 2018.
• Launched  ‘’Kotayk’’, ‘’Kapan’’ and ‘’ Davtashen’’ branches, as well as relocated and renamed ‘’Nano’’ branch.

2016

• Charter capital was supplemented with AMD 2,297,995,000.
• BTA BANK CJSC was consolidated with ARMECONOMBANK OJSC. As a result, the equity of ARMECONOMBANK OJSC increased by AMD 5,294,232  thousand and the branch network expanded by 6 branches.
• ARMECONOMBANK OJSC signed a loan agreement for USD 10.0 mln with SYMBIOTICS S.A. of Switzerland  and MICRO, SMALL & MEDIUM ENTERPRISES BONDS S.A. of Luxembourg to finance micro, small and medium businesses.
• ARMECONOMBANK OJSC signed a loan agreement for USD 6.0 mln with INCOFIN CVBA, a Belgian investment company, to finance micro and small businesses.
• As a result of cooperation with Swiss SYMBIOTICS S.A., a loan agreement was signed between ARMECONOMBANK OJSC and GLOBAL IMPACT INVESTMENTS SARL, an investment company located in Luxembourg for the amount of USD 5.0 million to finance micro businesses.
• As a result of cooperation with Swiss SYMBIOTICS S.A., a loan agreement was signed between ARMECONOMBANK OJSC and FINETHIC S.C.A., an investment company located in Luxembourg, for the amount of USD 1.0 mln to finance micro and small businesses.
• Within the framework of Trade Finance Program, Asian Development Bank granted ARMECONOMBANK OJSC a "Leading Partner Bank in Armenia" award.
• ARMECONOMBANK OJSC joined "MoneyTun" and "Faster" clearing systems.
• YEREVAN Branch was launched and renovated and reconstructed ROSSIA Branch was reopened.

2015

• ARMECONOMBANK joined “CONVERSE TRANSFER” Payment System
• Heads of ARMECONOMBANK and BTA Bank (Kazakhstan) have signed a memorandum of understanding on the merger of Armeconombank and BTA Bank (Armenia).
• ARMECONOMBANK OJSC and BLUEORCHARD MICROFINANCE FUND LLC signed a loan agreement amounting to 3 million US Dollars, proceeds from which will be used for on-lending to and development of micro and small business in the Republic of Armenia.
• MoneyGram clearing system awarded ARMECONOMBANK OJSC with a certificate for “Professionalism and outstanding contribution for money transfer service development in Armenia”
• ARMECONOMBANK became a member of the securities settlement system.

2014

• Asian Development Bank granted “Leading Partner Bank in Armenia” award to ARMECONOMBANK OJSC under Trade Finance Project.
• ARMECONOMBANK OJSC joined Tandem clearing system

2013

• German Commerzbank AG granted ARMECONOMBANK OJSC with "Excellence in Quality" award for ensuring flawless, quick and high quality of international transfers in 2013.
• ARMECONOMBANK OJSC received ISO/IEC 27001:2005 (Information Security Management System) certificate.
• ‘HRAZDAN-MIKRO branch was launched.
• “Excellence in Quality” long term and effective cooperation certificate was awarded by MoneyGram.

2012

• ARMECONOMBANK OJSC joined "Avers", "UNIStream", and "Golden Money Transfer" clearing systems.

2011

• Commerzbannk AG of Germany granted “Excel¬lence in quality” award for high-quality transfers in EUR in 2011.
• For the first time in Armenia, EBRD extended its participation (25%+1 share) for the maximum possible period (additional 3 years) in ARMECONOMBANK’s Chartered Capital.
• Issuing Bank Agreement for Trade Finance was signed between the Bank and Asian Development Bank, under which the Bank joined the Trade Finance Program of Asian Development Bank.
• The second USD 5mln Loan Agreement for SME lending was signed between the Bank and Black Sea Trade and Development Bank.
• A loan Agreement of USD 6mln (equivalent in local currency) was signed between ARMECONOMBANK OJSC and EBRD for on-lending to small and medium-sized businesses.
• Became a member of VISA international clearing system.
• Joined IntelExpress clearing system.
• Launched NUBARASHEN, GAVAR and ROSSIA branches as well as relocated and renamed SARAJOV BRANCH.

2010

• In June, the second syndicated loan agreement was signed between ARMECONOMBANK OJSC and EBRD in result of which four internationally recognized financial institutions such as EBRD, UniCredit Bank Austria AG, FBN Bank (UK) Limited, and Blue Orchard Finance of Switzerland extended a syndicated loan of USD 10.0m. for on-lending to small and medium sized business
• In December, ARMECONOMBANK OJSC, IFC, and FMO signed a loan agreement, according to which ARMECONOMBANK OJSC was extended a loan in the amount of USD 10.0 m. for on-lending to small and medium sized businesses.
• For the second year in a row, the Bank won the recognition of MoneyGram international clearing system for “Excellent customer service in the Republic of Armenia” for its performance in 2010.
• Austrian UNICREDIT BANK AG has granted ARMECONOMBANK OJSC an “Excellence for Quality” award for high quality EUR transfers in 2010.
• Joined "Contact" and "Coinstar" clearing systems.
• EGHEGNADZOR branch was launched.

2009

• In January the International Finance Corporation granted ARMECONOMBANK OJSC a USD 5,000,000 credit line under “Trade Finance Program”.
• ARMECONOMBANK has become a Member of “NASDAQ OMX” Armenia OJSC and ARMECONOMBANK is the first Bank in Armenia, the shares of which have been listed at B stand of “NASDAQ OMX ARMENIA”.
• In November, in addition to the Co-financing Agreement signed with EBRD on 15.12.2005, another USD 2 mln was added to the existing loan of USD 5 mln, thus bringing the total amount of the project to USD 7 mln.
• MoneyGram international money transfer system summarizing the results of 2009 has rewarded ARMECONOMBANK with diploma and admitted the best bank in the sphere of customer servicing.
• Joined “Lider”, “Ria Money Transfers”, “Zolotaya Korona”payment systems and “Worldlink” international payment system.
• Shirak branch was launched.

2008

• In February, a USD 5.0 mln loan agreement was signed between the Bank and the Black Sea Trade and Development Bank to finance small and medium business.
• A specialized micro-lending center was opened.
• AmRating/GlobalRating rating agency assigned ARMECONOMBANK OJSC a BB+ credit rating with a forecast of “possible rise”.
• "ARMECONOMBANK" OJSC and "ArmenTel" CJSC opened a call center for clients for the first time in the Republic of Armenia.
• ARMECONOMBANK was considered by EBRD as the most active Issuer Bank in the Republic of Armenia under the EBRD TFP.
• The Bank joined Blizko clearing system.
• ‘’Zeytun’’ branch was launched.

2007

• For the first time in RA banking system in February Moody’s Investors Service International rating agency assigned ARMECONOMBANK E+ financial strength and B1 long-term AMD and foreign currency deposit ratings, both with stable outlook. In April Moody’s Investors Service International rating agency reviewed the assigned ratings as a result of which ARMECONOMBANK received higher D- financial strength and Ba3 long-term AMD and foreign currency deposit ratings, both with stable outlook.
• In February ARMECONOMBANK and International Financial Corporation (IFC) signed a Loan Agreement, according to which ARMECONOMBANK was granted a USD 2.0mln. loan facility which was used for small and medium size businesses and mortgage financing.
• In June ARMECONOMBANK was the first among Armenian banks to receive a certificate of excellent quality from German Commerzbank AG for fast and quality-wise performance of International foreign currency transfers.
• In July ARMECONOMBANK and German-Armenian Fund countersigned a Loan Agreement, according to which during 2007 ARMECONOMBANK on-lended mortgage loans in the total amount of AMD 103.5mln.
• In October, the Bank signed a loan agreement for USD 3.0 mln with EBRD for on-lending to micro and small enterprises.
• In December, the Bank signed a syndicated loan agreement with EBRD in the amount of USD 15.0 mln, a pro¬ject in which, for the first time in the history of the Armenian banking sector, six internationally recognized financial institu¬tions such as EBRD, Commerzbank AG, Raiffeizen Zentral¬bank Osterreich AG and Bank Austria Creditanstalt AG, State Bank of India, Land Bank of Taiwan, FBN Bank (UK) Limited were involved. The loan was to be used for financing of small and medium-sized enterprises and mortgage lending.
• For the first time in Armenia, Western Union granted the Bank an Honorary Diploma for long-lasting and fruitful cooperation with Western Union and considerable role in the development of Western Union’s business in Armenia, as well as expansion of the Western Union network and attraction of new sub-agents.
• Joined MoneyGram clearing system.
• Noragavit" and "Ijevan" branches were launched.

2006

• In March ARMECONOMBANK and EBRD jointly organized and passed Trade Finance International Banking Conference in Yerevan.
• In May the Bank and International Financial Corporation (IFC) signed "Trade Facilitation and Guarantee Extension Agreement".
• Together with LUFTHANSA German Airways and HERTZ car-leasing company ARMECONOMBANK issued MasterCard standard cards, which give the cardholders an opportunity to benefit from the discounted services of LUFTHANSA German Airways and HERTZ car-leasing company in more than 150 countries.
• In December a loan agreement was signed between EBRD and ARMECONOMBANK, according to which the Bank will receive a USD 2.0mln. loan, which will be directed exclusively to mortgage lending. This is the first mortgage project of EBRD performed in the Republic of Armenia.
• For 2006 performance results, by a joint resolution of the Central Bank of Armenia and the Ministry of Finance and Economy of RA, was recognized the best paying agent of the Armenian Government.
• CitiGroup awarded ARMECONOMBANK by Certificate of the Best Servicing Partner.
• Bank participated in German KfW Bank "Mortgage sustainable development" program.
• Opened AJAPNYAK, GOGAVAN, NORK-MAR¬ASH, and ROSSIA branches.

2005

• The chartered capital was replenished by 633.3mln. drams, as a result of which EBRD`s participation in the chartered capital formed 25%+1 shares.
• ARMECONOMBANK OJSC and European Bank for Reconstruction and Development (EBRD) signed an Agreement according to which a credit was extended to ARMECONOMBANK in USD 2.0 mln.
• Lloyds TSB Bank, the winner of the USD 500,000-worth tender for technical assistance announced in connection with EBRD’s equity participation, started working in line with the approved Institu¬tional Building Plan.
• ARMECONOMBANK OJSC and Commerzbank AG signed an Agreement in consequence of which ARMECONOMBANK OJSC was granted a loan in USD 2 mln.
• According to Co-financing Agreement signed between ARMECONOMBANK OJSC and EBRD, ARMECONOMBANK OJSC will receive a credit line in the amount of USD 3.0mln.
• ‘’Arminfo" information agency has honored the Bank with the title of the Best Armenian Bank performing mortgage crediting and acting actively in plastic card and FOREX markets.
• Based on its performance results of 2005, the Bank was announced the best government paying agent by the decision of the Joint Committee of Central Bank and the Ministry of Economy and Finance of Armenia.
• Khorhrdayin-1, Nairi Medical Centre, Araratyan, Agarak, Zvartnots, Bagratashen, Shirak, Khorenatsi, Gugark, Sisian, Airum and Bavra branches were launched.

2004

• Loan guarantee agreement was signed between the Bank and KFW. Thanks to that agreement ARMECONOMBANK got opportunity to attract credit funds from international commercial banks, against which KFW is going to issue guarantees for the amount of $2.5 million as security.
• A  loan agreement was signed between  ARMECONOMBANK OJSC and International Finance Corporation (IFC) , under which the Bank received a loan of USD 2.0 mln.
• An Agreement was signed between ARMECONOMBANK OJSC and European Bank for Reconstruction and Development (EBRD). As a result of this agreement the process of participation of EBRD in the Bank's chartered capital started. In result, the participation of EBRD in the Bank's chartered capital will make 25%+1 share.
• Kentron, Erebuni-1 and Ararat branches were launched. 

2003

• The Bank's chartered capital increased by AMD 200 million.
• In cooperation with EBRD the Bank launched a new letter of credit financing instrument aimed at foreign trade facilitation.
• According to the agreement signed between Bank and Western Union Financial Services INC organization, the Bank, as a special representative, obtained possibility to involve sub-representatives (non-financial organizations, business entities) in the territory of RA for the purpose of conducting cash transfers.
• The Bank joined REUTERS system.

2002

• The Bank's chartered capital increased by AMD 300 million.
• The Bank was granted 500 thousands USD guaranteed loan under The Trade Facilitation Program of the European Bank for Reconstruction and Development (EBRD).
• In October the Bank became an affiliated member of EUROPAY INTERNATIONAL payment system.
• The Bank is the only open joint- stock bank, which has more than 1400 shareholders  and in 2002 continuously paid dividends to its shareholders.
• ARMECONMNAK was the only Bank in Armenia banking system which shares accrued in "NASDAQ OMX" "B" platform in 2002.

2001

• The Bank obtained license for conducting banking activities from the Central Bank of RA (License N01).
• The Bank’s chartered capital was replenished by AMD 100 mln.
• For 2001 performance results, was declared the best paying agent for the Government upon a joint deci-sion by CB and Ministry of Economy and Finance of RA.
• Was recognized the best servicing Armenian bank in 2001 by AMEX (American Express Bank Ltd., New York) and received Quality Performance Certificate.
• A rating system was incorporated for the branches. Remuneration system based on the results of the rating was implemented.
• A new bonus system of remuneration of credit offic¬ers working under German-Armenian Fund’s (GAF) Micro and Small Business Financing Project was launched.
• The Bank installed an Automatic Teller Machine in "SIL PLAZA" shopping center to service ArCa cards.
• Implemented active lending initiatives in the sphere of consumer loans.

2000

• The Bank established “Econominkassatsia” SCJSC subsidiary company.
• Participated in the establishment of Armenian Card CJSC created to develop a unified plastic card payment system in Armenia.
• The Bank launched its own local (debit/credit) plastic card system.
• The Bank actively conducted activities within the framework of the micro and small business financing project of the German-Armenian Fund.
• The Bank was the first in the banking sector of RA to sign an agreement with EBRD to carry out a USD 1 million loan project without state guarantee.
• The Bank launched a customer service system based on Home Banking (a service not requiring a visit to a bank).
• The Bank participated in the establishment of SIL Insurance ICJSC, an insurance company.

• Joined the project by the Urban Institute "For provision of housing procurement licenses to the population of the Disaster Area".

• Based on its year 2000 performance, the Bank was announced the best paying agent of the Treasury by the decision of the Joint Committee of Central Bank and the Ministry of Economy and Finance of RA.

1999

• The Bank participated in the loan project by Lincy Foundation for small and medium size businesses.
• The Bank joined the Western Union international payment system, including its entire branch network.

1998

• The Bank obtained license for conducting banking activities from the Central Bank of RA (License N01).
• The Bank joined  BankMail electronic payment system of the Central Bank of RA.

1997

• The Bank obtained the right to act as a paying agent for the Ministry of Economy and Finance of RA.
• The Bank obtained a license from the World Bank in the framework of project financing development of the small and medium businesses in RA.
• Adopted international standards of bank accounting.

1996

• The Bank obtained license for conducting banking activities from the Central Bank of RA (License N01).
• The Bank became a member of the Yerevan Stock Exchange.
• The Bank became a member of the Society for Worldwide Interbank Financial Telecommunications (S.W.I.F.T.) System. (S.W.I.F.T.).

1995

• The Bank obtained General license for conducting foreign exchange operations from the Central Bank of RA (License N01).
• The Bank became a member of the Association of Armenian Banks.

1993

• The Bank was reregistered in the Central Bank of RA as an open joint-stock company (Registry N01/35).
• The Bank obtained license for conducting banking operations from the Central Bank of RA (License N01/35).

1991

• The Bank was registered at the Central Bank of RA as an open joint-stock company (Registry No.1).

1988

• As a result of the reorganization of the USSR banking sector, the Armenian branch of the former USSR (Zhilsotsbank) was created and ARMECONOMBANK became its legal successor.