It’s part of a domestic expansion drive by Ameribank after a $40 million investment by the European Bank for Reconstruction and Development (ERBD).

The ERBD is taking a 20% stake in the bank to support its growth by providing funds for lending to small business, big local companies and retail customers.

Ameriabank Chairman Andrew Mkrtchyan said the bank is looking to further its expansion with acquisitions in its home market in the first half of the year, with the focus on profitable smaller players.

In addition to the EBRD investment, the World Bank's International Finance Corporation is providing a $50 million loan to help Ameriabank boost lending to local businesses and bolster economic growth in the Armenia.