Armenia’s AraratBank and Armenian Development Bank have merged.

The merger has been ratified by the country’s Central Bank.

A large shareholder of AraratBank was the Flash gasoline company owned by Barsegh Beglaryan (64%). 25% was owned by the Reconstruction and Development Bank, and 10% by Rural Impulse Found II.

Armenian Development Bank shareholders were Ruben Hayrapetyan (president of Armenia’s football federation) and Rafik Hayrapetyan (20% each).

The merger was a result of a recent law requiring commercial banks to have a minimum capital of 30 billion AMD.

As of September 2016, AraratBank had 23 billion AMD and Armenian Development Bank, 10 billion.

Photo (from left): Barsegh Beglaryan, Ruben Hayrapetyan