13 ARMENIAN BANKS BUY CONTROLLING SHARE IN EQUITY OF ACRA CREDIT REPORTING
Noyan Tapan
Aug 30 2006
YEREVAN, AUGUST 30, NOYAN TAPAN. Eleven Armenian banks (ACBA,
Anelik Bank, ArmSwissBank, Armenian Development Bank, ArtsakhBank,
BTA InvestBank, HSBC Armenia, InecoBank, Melat Bank, VTB Bank –
Armenia) have jointly bought 50.1% of shares in the equity of ACRA
Credit Reporting CJSC. According to a press release submitted to
NT by ACRA Credit Reporting, earlier Converse Bank (in June 2005)
and ArmEconomBank (in May 2006) became shareholders of ACRA, each
owning 1% of ACRA’s equity. Thus, as of today 13 Armenian banks,
and a bank – ACRA member, i.e. the banks representing 76% of banking
assets and 75% of all the loans in banking sector, have become either
ACRA’s shareholders or its members. In addition, 9 largest credit
organizations (Aregak, Finka, First Mortgage Company, Cascade Credit,
Horizon, Kamurj, SEF International, Shen Aniv and Washington Capital)
working in Armenia are also the members of ACRA.
According to a preliminary agreement, the Central Bank of Armenia (CBA)
will also become a shareholder of ACRA in the nearest future. ACRA
credit bureau was set up in 2004 by Credential Inc. (US) and became
operational in September 2005 with the assistance of Dun & Bradstreet
Inteernational.