Awards for Excellence country winners – Armenia

A spike in Armenian bank M&A this year has underscored the growth opportunity for banks in the local market. The country’s best bank, Ameriabank, was bought by Bank of Georgia earlier this year, and Ardshinbank is in the process of acquiring HSBC Armenia.

Both banks have strong growth stories, made more compelling over the past two years by record profits driven by remittances from Russian immigrants and a sharp rise in interest rates.

Ameriabank has seen strong growth and development across its banking businesses and generated a record Dram46 billion ($119 million) in net profit – 4% higher than the year before – on record operating income of Dram106 billion, up from around Dram97 billion in 2022.

All of its main banking businesses contributed to this performance, especially its retail and corporate and investment banking divisions.

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