What ARMECONOMBANK does

ARMECONOMBANK (AEB) is a privately held Armenian universal commercial bank founded in 1990 and headquartered in Yerevan, regulated by the Central Bank of Armenia. Operating as an Open Joint-Stock Company (OJSC) with 501-1,000 employees, the bank delivers a full-service retail, SME, and corporate banking platform through a physical branch network complemented by digital channels (AEB Mobile, AEB Online, AEB Payments). Its core offerings include AMD and FX deposits (Classic, Flexible, Child), consumer and mortgage lending, agricultural and SME financing, trade finance instruments (documentary credits, incasso, international guarantees), merchant acquiring (vPOS, POS, Mobile POS) on ArCa, Visa, and Mastercard rails, and international remittances via S.W.I.F.T. and multiple fast-transfer networks (Ria, MoneyGram, GMT, IntelExpress, MONEYTUN, UBPAY). The bank also distributes insurance and gold-bar investment products.

Underlying technology includes the AEB Mobile app with biometric authentication, SmartVista fraud monitoring, vPOS online acquiring with 3D Secure, and a cloud integration via the HTs-CorporateBank platform. Revenue is generated through net interest income on the deposit-lending spread, transaction and FX fees, merchant acquiring commissions (1.2-3% by card type), card issuance and servicing fees, insurance distribution commissions, and trade finance fees. ARMECONOMBANK has established direct ties with major international financial institutions (EBRD, ADB, BSTDB, EIB), multilateral concessional programs (GAF, GF), and the National Mortgage Company of Armenia, enabling it to participate in subsidized SME, agricultural, and housing programs, including specialized mortgage products for forcibly displaced families from Nagorno-Karabakh.

Go-to-market combines sales-led relationship management at branches with direct-to-consumer digital onboarding via the AEB Mobile app, and channel-partner-driven merchant acquiring. Customer segments span individual consumers (retail, salary cardholders), SMEs (with strong agricultural and women-led business focus), large corporate clients engaged in international trade, and displaced-population housing programs. The bank holds PCI DSS, KYC, GDPR, and FATCA compliance posture and has received the RAY Quality Excellence Award and participated in the Armenia Digital Awards 2025.

Name

ARMECONOMBANK

Legal name

ARMECONOMBANK OJSC

Website

https://aeb.am

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Credit Card Issuing (52221), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

National Commercial Banks (6021), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Agricultural & Rural Development Banks (FSABAKAE)

akta.pro secondary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

Keywords

• Retail banking
• Commercial lending
• Merchant acquiring
• Trade finance
• International remittances

Headquarters

HQ city

Yerevan

HQ country

Armenia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Net Interest Income (Lending): Interest income from loans and credit lines extended to individuals and businesses, including consumer loans, mortgages, agricultural loans, commercial loans, and SME financing. Interest rates vary by product type, collateral, and currency.
2. Deposit Interest Expense / Spread Banking: Traditional deposit-taking from individuals and businesses, paying interest on term deposits and savings accounts, earning spread on intermediation between deposit rates and lending rates.
3. Fee and Commission Income: Fees from account maintenance, wire transfers (S.W.I.F.T.), money transfers (Ria, MoneyGram, GMT, IntelExpress, MONEYTUN, UBPAY), documentary credits, bank guarantees, documentary incasso, and currency exchange operations.
4. Merchant Acquiring (POS/vPOS Commission): Commission income from merchants accepting card payments through POS terminals, Mobile POS, and vPOS. Commission rates vary by card type: ArCa up to 1.2%, Visa/MasterCard local up to 2.3%, international cards up to 3%.
5. Card Services: Income from issuance and servicing of Visa, Mastercard, and ArCa debit and credit cards, including annual fees, transaction fees, and foreign exchange margins on international transactions.
6. Foreign Exchange Operations: Revenue from currency exchange transactions and spreads on foreign exchange services for customers. Supported through bank branches and online platforms.
7. Securities and Investment Services: Fees from bond placements, investment services, and securities custody for individual and business clients.
8. Insurance Distribution: Commissions from distribution of insurance products (MTPL and other) through the bank channel, including conclusion of insurance contracts via the bank's platform.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels5 records

Core offering

ARMECONOMBANK (AEB) is a universal commercial bank in Armenia offering retail and corporate banking services. Its core offerings include deposit accounts, consumer and commercial loans, mortgage lending, payment cards (Visa, Mastercard, ArCa), merchant acquiring (POS/vPOS), international money transfers (S.W.I.F.T. and fast transfer systems), trade finance instruments (banking guarantees, documentary credits, documentary incasso), and digital banking via the AEB Mobile app and AEB Online platform. The bank also distributes insurance products, offers gold bar investments, and provides securities and investment services to individual and business clients.

Product overview

ARMECONOMBANK (AEB) operates as a universal commercial bank in Armenia offering a comprehensive suite of financial products and services. The core banking infrastructure includes traditional services (loans, deposits, accounts, cards) alongside a growing digital banking ecosystem. The digital platform consists of AEB Mobile (mobile banking app), AEB Online (internet banking), and AEB Payments (payment processing). Merchant acquiring services include vPOS (virtual terminal for online payments), Mobile POS, and hardware POS terminals. Card products span multiple networks (Visa, Mastercard, ArCa) with various tiers from standard to premium metal cards, featuring sub-brands like Visa Guru/Guru Travel with cashback and travel benefits, and Mastercard World. The bank offers specialized credit products including agricultural loans (Armat, AGRO), ECOLOAN for sustainable business, and salary packages (Profit+). Trade finance capabilities include documentary incasso, letter of credits, and international guarantees. The product portfolio also includes savings and deposit products, gold bar investments, and loyalty program (AEB Rewards).

Differentiator

Problem solved

Functional benefit

Brands

• AEB Mobile: Mobile banking application for customers to perform banking transactions digitally
• AEB Online
• AEB Rewards
• Visa Guru / Guru Digital
• Visa Guru Travel
• Profit+

Products and services

• AEB Mobile Mobile banking application for iOS and Android enabling customers to perform banking transactions, account management, and loan applications remotely with biometric authentication (Touch ID/Face ID).
• AEB Online Internet banking platform accessible via web browser for online account management, transfers, and banking transactions.
• AEB Payments Online payment processing service for bill payments and merchant transactions.
• vPOS (Virtual Point-of-Sale) Virtual point-of-sale terminal integrated into merchant websites and applications for accepting online card payments 24/7 with 3D Secure authentication.
• POS Terminal Hardware point-of-sale terminal for physical merchant locations to accept card payments.
• Mobile POS Mobile card payment acceptance solution using a smartphone or tablet as a POS terminal for merchants on the go.
• Banking Guarantees (RA) Domestic banking guarantee service covering tender participation, quality assurance, and contract performance for businesses in Armenia with 1-4% annual rates.
• International Guarantees International bank guarantee service supporting USD, EUR, and RUR transactions for payment, performance, advance payment return, and tender guarantees.
• Documentary Incasso Trade finance service enabling exporters to receive payment against documents submitted to the bank.
• Documentary Letter of Credits Trade finance instrument for international transactions, providing payment security for importers and exporters.
• Visa Guru / Guru Digital Digital Visa credit card with cashback rewards for everyday purchases, with associated AEB Guru credit line.
• Visa Guru Travel Premium travel Visa credit card with 0.5-1% cashback, airport lounge access via DragonPass, Fast Track, and 24/7 concierge support.
• Visa Infinite Top-tier Visa credit card available in metal form factor with premium travel and concierge services.
• Visa Platinum Premium Visa card available in metal form factor with enhanced benefits and services.
• Mastercard World Premium Mastercard credit card with travel benefits and worldwide acceptance.
• ArCa Classic Domestic Armenian payment system card for local transactions through the ArCa national payment network.
• AEB & Telcell Co-branded Card Co-branded digital Visa card partnership with Telcell offering integrated mobile wallet and banking services.
• Profit+ Salary Package Salary package offering free Visa Classic, Mastercard Standard, or ArCa Classic cards with credit line up to 15x income and discounted mortgage rates.
• Classic Deposit Term deposit product with guaranteed returns for specified time periods, with annual nominal interest rate of 6.4-10.4% in AMD depending on deposit term and amount.
• Flexible Deposit Deposit allowing partial withdrawals or top-ups while preserving accumulated interest.
• Child Deposit Savings deposit product designed for children's financial future.
• Savings Account Savings account with free account opening exclusively through the AEB Mobile application.
• Banking Account Standard current banking account for individual customers for everyday banking transactions.
• Personal Safekeeping Boxes Individual bank safekeeping boxes for secure storage of valuables and documents.
• Gold Bars Investment product for purchasing gold bullion in various weights (1g to 100g).
• AGRO Credit Line Specialized credit line for agricultural purposes and farming operations.
• Armat Loan Agricultural loan product for farmers and rural customers, offered as an uncollateralized loan/credit line.
• ECOLOAN Eco-friendly loan product supporting environmentally sustainable business practices.
• Mortgage Loans for Young Families Specialized housing program offering mortgage loans to young families in Armenia.
• Housing Loans for Forcibly Displaced Families from NKR Specialized mortgage programs (Programs 1 and 2) for families forcibly displaced from separate regions of Nagorno-Karabakh Republic, under state affordable housing initiatives.
• My Transfer International money transfer service allowing customers to receive funds from abroad without visiting a bank branch.
• AEB Rewards Loyalty program allowing cardholders to earn rewards and benefits on transactions.
• AEB Pay Contactless payment solution for merchant payments using bank infrastructure.
• Ria Money Transfer Fast international money transfer service for remittances through Ria network, available for transfers from Armenia to Ukraine with promotional discount.
• MoneyGram Transfer Fast international money transfer service for remittances through the MoneyGram network.
• S.W.I.F.T. Transfers S.W.I.F.T.-based international money transfer capability for both individual and business customers.
• Insurance Distribution (MTPL) Distribution of insurance products, including MTPL (mandatory third-party liability) and other insurance products, with contract conclusion available via the bank's platform.
• Securities and Investment Services Bond placement services, investment services, and securities custody for individual and business clients, including unallocated metal accounts and foreign exchange operations.
• Credit Line Secured by Term Deposit (via AEB Mobile) Credit line obtained using existing term deposits as collateral, accessible digitally through AEB Mobile/Online banking systems.
• Agricultural Leasing Leasing services for agricultural equipment and farm operations.

Quantifiable outcome

• 35 years of continuous banking operations in Armenia
• +3 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration14 records

AI capability1 record

Feature6 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Armenian Card (ArCa)coreTechnology or IntegrationArCa is the Armenian national payment system. ARMECONOMBANK integrates with ArCa for card processing, 3D Secure authentication, and co-branded card issuance (AEB & Telcell card). ArCa generates vPOS test and production credentials for the bank's online payment infrastructure.
• VisacoreTechnology or IntegrationVISA payment network partner enabling issuance of Visa cards (Visa Guru, Visa Classic, Visa Gold, Visa Platinum, Visa Infinite) and acceptance at POS/vPOS terminals. Visa Secure authentication is supported for card-not-present transactions.
• MastercardcoreTechnology or IntegrationMastercard payment network partner enabling issuance of Mastercard cards (Mastercard World, Mastercard Digital, Mastercard Standard, Mastercard Gold) and acceptance through acquiring infrastructure. Mastercard SecureCode authentication is supported.
• TelcellminorGTM or Marketing PartnerCo-branded digital card partnership: AEB & Telcell co-branded Visa card offering integrated mobile wallet and banking services.
• National Mortgage Company of ArmeniacoreStrategic or Co-development PartnerThe bank partners with Armenia's National Mortgage Company for refinancing mortgage loans, including programs for affordable housing to servicemen and housing for forcibly displaced families from NKR.
• GAF (Giro Armenian Financial) SME ProgramcoreStrategic or Co-development PartnerGAF SME programs provide subsidized agricultural and commercial loans to women-led businesses and SMEs. The bank participates in these programs to provide concessional financing.
• GF (German-Armenian Fund) Agricultural ProgramscoreStrategic or Co-development PartnerGerman-Armenian Fund programs support the agricultural sector with subsidized loan programs, enabling ARMECONOMBANK to provide concessional financing to agricultural enterprises.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Ameriabank: Largest universal commercial bank in Armenia offering retail, SME, corporate, and investment banking. Directly competes with ARMECONOMBANK across the full product stack including deposits, cards, agricultural lending, and trade finance.
• Converse Bank: Mid-sized Armenian universal bank offering retail, SME, and corporate banking products including cards, deposits, and trade finance. Competes with AEB in the same mid-tier segment of the Armenian market.
• Ardshinbank: Top-three Armenian commercial bank with a comparable universal banking franchise spanning retail, SME, and corporate segments. Competes head-to-head with AEB in deposits, consumer lending, and card issuance.
• Araratbank: Armenian commercial bank offering retail and corporate banking. Competes with AEB in the same Armenian deposit, lending, and card market segments.
• ACBA Bank: Armenian commercial bank with a strong agricultural and rural lending franchise, historically associated with France's Credit Agricole. Closest peer to AEB's agricultural and SME specialization, and a competitor for GAF/GF program lending.
• Inecobank: Universal Armenian commercial bank providing retail, SME, and corporate banking products. Overlaps with AEB in consumer lending, card issuance, and digital banking channels.
• ArmSwissBank: Mid-tier Armenian commercial bank providing retail, SME, and corporate services. Competes with AEB for Armenian retail deposits, consumer credit, and trade finance business.
• VTB Bank Armenia: Armenian subsidiary of Russia's VTB Group offering full-service retail, corporate, and trade finance. A scaled competitor to AEB in corporate lending, deposits, and international banking services.

Regional players

• Byblos Bank Armenia: Armenian subsidiary of Lebanon's Byblos Bank, a regional bank with presence across the Levant. Competes with AEB in retail, SME, and trade finance but with its parent headquartered outside the Caucasus region.

Broad incumbents

• HSBC Bank Armenia: Armenian subsidiary of a global bank focused on corporate, trade finance, and affluent retail. Competes with AEB in international banking, trade finance, and premium card products, but does not target the mass retail or agricultural segments.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCGif2EMSWC9ZPyaAWdP_NNQ?view_as=subscriber
• Facebookfacebook.com/armeconombank
• LinkedInlinkedin.com/company/2921572
• Instagraminstagram.com/armeconombank

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ARMECONOMBANK