Forbes magazine has published a special report dedicated to Armenia, highlighting the country’s economic situation and investment attractiveness.
The report also features an interview with Hovhannes Toroyan, Chief Financial Officer of Ameriabank.
Ameriabank is a cornerstone of Armenia’s banking sector with roots dating back to 1910. Operating under its current brand since 2008, it has steadily evolved into a universal institution, serving corporate, investment, and retail clients. Its trajectory has been marked by steady expansion, digital leadership and a focus on international partnerships, placing it at the forefront of the country’s financial system. Over the past decade, the bank has consistently delivered strong year-on-year results across all key indicators. In 2024 alone, assets grew by more than 30% to nearly $4.8 billion, while the retail loan portfolio expanded by over 40%. More than 99% of transactions now take place digitally and through distant banking channels, supported by rapid adoption of its mobile app and the broader shift toward online banking. The embrace of digital channels has transformed customer access, creating a more inclusive and efficient financial ecosystem.
International financing has become a hallmark of Ameriabank’s strategy. In early 2025, it secured a major package of funding from global partners to boost climate finance, small businesses and women-led enterprises. These funds are expected to generate jobs, reduce emissions and expand Armenia’s green transition. Additional agreements with development banks introduced new risk-sharing frameworks, further widening access to capital for local firms and encouraging higher standards of environmental and social governance. Ameriabank also dominates the local capital markets. For ten consecutive years it has been named Armenia’s Best Investment Bank, leading first-ever green bond placements worth tens of millions of dollars and setting benchmarks for transparency. In consumer finance, Ameriabank’s mortgage and car loan portfolios now dominate the national loan market with shares of more than 20% and 50% respectively, significantly boosted by its online platforms MyHome and MyCar, which deliver a seamless digital experience from browsing to financing and illustrate how integrated ecosystems can meet evolving customer needs.
Recognition has always followed. For more than a decade, the bank has been the most award-winning financial institution in Armenia, recognized around 30 times as the country’s Best Bank by the most prestigious international publications. In 2025, the bank once again received the Euromoney Award for Excellence as Armenia’s Best Bank. Recent retail updates, including new digital features, biometric security tools and streamlined account services, highlight its continuing focus on customer experience and innovation in a competitive environment.
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Ameriabank combines a century-long legacy with forward-looking strategies. Through digital transformation, fintech innovation and a commitment to sustainability, it continues to shape Armenia’s financial future while reinforcing the country’s role in the regional economy.
Interview with Hovhannes Toroyan, Chief Financial Officer of Ameriabank
How are you contributing to Armenia’s investment climate?
We see as our responsibility to help raise Armenia’s profile among international investors. Armenia still lacks visibility compared to similar countries, so we actively share data on the economy and banking sector with a large network of global investors. We closely work with investment banks, funds and institutional players to build awareness of Armenia’s potential. This constant engagement is key because improving Armenia’s image abroad is a long game. We want decision-makers to think of Armenia when they map out new investment destinations in the region.
Can you tell us about your new partnership with Lion Finance Group PLC?
Ameriabank is one of the key subsidiaries of the Lion Finance Group PLC. And yet, the bank remains independent in governance and operations at the same time benefiting from cross-sharing valuable experience with sister-banks in the Group. We openly share lessons, both on what has worked well and where we have faced challenges, and we adapt these insights to each market’s unique customer behavior. Beyond sharing know-how, this connection helps us highlight regional opportunities so that investors and clients benefit from the combined strengths of the economies rather than treating them in isolation.
How has digital transformation shaped the bank’s success?
Digital transformation has been at the heart of our growth strategy for almost a decade. Over 99 percent of transactions now happen outside of our branch network, with more than half of our sales stemming through online channels. This shift lets any Armenian citizen open an account, apply for a loan, make deposits or do transactions they need from anywhere outside the bank. We believe in meeting customers where they are, and Armenia’s high internet usage makes this possible. Last year alone, our transaction volume rose more than six-fold, thanks to these sustained investments in our digital infrastructure. We se outstanding dynamics in use of digital services. Our monthly active users grew more than 50% during last 12 months.
What does Ameriabank’s “ecosystem” approach look like in practice?
Our ecosystem idea is simple: “one-stop shop” designed to make life easier and keep customers fully satisfied and their quality of life improved, which is at the heart of our mission.
Our operations are focused on satisfying needs of our customers. Whenever those go beyond banking, we try to aggregate the best options in the market on our platform, so that our customers get easy access to those. Banking shouldn’t end with a loan or a deposit. For example, when families look to buy a home, in a single platform we help them navigate through every step, from browsing new apartment listings to arranging the mortgage, insurance and even post-purchase needs. Customers are always at the core of anything that we do.
How do you support fast-growing sectors in Armenia?
One strength we bring is a deep understanding of the overall economy, businesses and behavioral pattern of our compatriots. Many in our management team have backgrounds in advisory or real sector, which helps us identify high-potential sectors and the best companies within them. Having the largest loan portfolio in Armenia, we were still able to grow it by more than 35% during last 12 months. Our growth of 25–35 percent across client segments is powered by this targeted approach and our willingness to adapt as markets shift. We don’t just provide financing; we partner with clients, share insights and encourage best practices, by integrating ESG standards. We also heavily apply artificial intelligence to understand behavior of our customers and be able to offer them tailored solutions. Our automated models currently account for more than 90% of consumer loans that we underwrite.
How are ESG & sustainability integrated into your strategy?
Ameriabank was the first institution in Armenia, and one of the first in the region, to issue green bonds. We align our operations with the UN’s Sustainable Development Goals and have selected four SDGs as our focus areas. These principles are built into our lending: we set minimum ESG standards for clients, help them comply and even adjust terms if they fall short. This wasn’t always easy but now more clients see how these measures protect them from risk, strengthen resilience and help them grow sustainably. We also publish annual sustainability reports verified by third parties, and we use every loan as an opportunity to promote responsible business practices. Over time, this mindset shift has become much easier to communicate, and we believe it will become the norm in Armenia’s banking sector.
