Areximbank-Gazprombank Group has postponed the deadline for acceptance of the Classic-Plus deposits till May 19, 2015. The press service of the Bank has told ArmInfo that the minimum amount of the deposits has been reduced from the previous 500 thsd AMD to 100 thsd AMD.
The Classic-Plus time deposit in terms of AMD is accepted for 30, 60, 90 and 180 days at the interest rates of 12%, 13%, 14% and 16-17%, respectively, depending on the deposit period. The interest is paid at the end of the deposit period. The deposit can be opened in the name of individuals, under power of attorney or in favor of third parties. The amount of this type of deposits cannot be increased. Neither can the contract be prolonged.
Areximbank-Gazprombank Group launched the Classic-Plus deposit in Feb 2015, and the initial deadline for acceptance of the deposits was 10 March 2015.
To recall, in late 2014 ProCredit Bank was the first among the Armenian banks to considerably increase the deposit rates. In December 2014, the bank raised the rates of the 3-month AMD deposits to 16-18%. In January 2015, Anelik Bank also raised the deposit rates by launching the Dram+ deposit at 16-16.25% p.a. depending on the deposit period (3 months or 6 months).
According to the Financial Rating of Armenian Banks by the Agency of Rating Marketing Information (ArmInfo), Areximbank-Gazprombank Group holds the 12th position in terms of time deposits and the 11th position in terms of personal time deposits. The share of time deposits in the Bank's general obligations exceeds 26%. Over the past 4 years, the Bank has increased the portfolio of time deposits more than twofold.
To note, in November 2007 "Gazprombank" OJSC acquired 80% of Areximbank's shares. In July 2008, Gazprombank's stake rose to 94.15%, and in September 2008 Gazprombank acquired the remaining 5.85% stake from Raiffeisen Bank and became the sole owner of Areximbank-Gazprombank Group.
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