HISTORY OF BUILDING FOUNDATION
In 1910 with the permission of Yerevan’s chief architect Boris Mehrabyan, the new building for the Erivan Branch of Tiflis Trade Bank was built on Ter-Ghukasyan Street, opposite the Russian Orthodox Church and it was designed by a prominent architect Michael Ohanjanov. The bank building’s architecture was in line with the general appearance and atmosphere of the neighboring Russian Cathedral complex square of those years.
The newly formed bank had an initial capital of 500,000 Rubles (currently equivalent to more than USD 20 mln) issued in 2,500 shares with nominal value of 200 Rubles per share.
CENTENNIAL HISTORY OF THE BUILDING
On January 23, 1916, Tiflis Trade Bank was renamed into Caucasian Trade Bank and its branch was respectively renamed into Erivan Branch of Caucasian Trade Bank. The bank ran its operations at Ter-Ghukasyan Str. until 1920.
Starting from December 18, 1920, all private banks in Armenia were nationalized. On March 24, 1922, the State Bank of Armenia moved into the above mentioned building.
On March 3, 1924, the Central Committee of Armenia founded the Communal Bank of Armenia which was situated in the same building on Ter-Ghukasyan Str. but the street was already renamed into Nalbandyan Str. and the bank was by Nalbandyan 2 address. The initial capital of the bank comprised of 300,000 Rubles. The main goal of the bank was financing of the public, cooperative and private companies along with housing construction. The bank had branches in Leninakan, Gharakilisa, Alaverdi and Ghapan.
However, in 1959, the Communal Bank was liquidated pursuant to the decree of USSR Minister of Finance and the Chairman of the USSR State Bank. The bank’s assets and liabilities passed into the ownership of Stroibank Armenian Branch which was situated in the same building.
In 1974 Vneshtorgbank USSR (Bank for Foreign Trade) Armenian Branch was incorporated in Yerevan and moved into the same building, while Stroibank moved to Engels Street.
In 1988, the Republican Branch of Vnesheconombank USSR was opened and it was the only organization in Armenia serving foreign economic transactions of Armenian businesses.
In July 1992, Armimpexbank CJSC was founded and on September 8 of the same year it was granted a banking license by the Central Bank of Armenia.
In 1995 Armimpexbank became a joint stock company with foreign capital involvment. The majority of the stock was purchased by Computron Industries Establishment.
Another turning point in the history of the oldest Armenian bank started in 2007, heralded by the replenishment of the bank’s resources and drastic upgrading of its services portfolio, to meet development trends and the demands of global and domestic markets. In August 2007, the majority of the bank’s shares (96%) were obtained by the prominent and large investment company TDA Holdings Limited (renamed into Ameria Group (CY) Limited in November, 2011).
The bank’s acquisition by a leading financial institution was marked by the bank’s renaming into Ameriabank CJSC in 2008.
CURRENT CONDITION AND FUTURE PLANS FOR THE BUILDING
Honoring the heritage of one-century banking history and paying tribute to the glorious past of monuments, each of which played an important role in the financial processes of those times and introduced a number of innovations, Ameriabank continues the best banking practices, in the meantime nurturing and developing them and proving that 100 years are just the beginning. Thus the bank values nothing greater than the existence of the powerful old building which saw various hard times through its history, every single stone of which is a relic a witness of major developments of the financial world. Moreover, this building should and will continue its mission, so WE’LL BUILD THE NEW BY PRESERVING THE OLD.
Property Development Company CJSC, a member of Ameria Group of Companies, specializing in investments in the real estate market as well as construction management services, has undertaken the honorable task of reconstructing the old building and constructing a new public multifunctional complex on site.
WE’LL BUILD THE NEW BY PRESERVING THE OLD!
Bridging the Old and the New
It is our pleasure to present to you the Bridging the Old and the New e-book.
The book contains rich information about famous institutions that once worked in what is now Kamar Business Center, architectural values of old buildings, historical events, interesting facts and rare photos collected during extensive archive research in Armenia and Georgia along with comments and memories of various specialists and Yerevaners.