ACCORDING TO CBA CHAIRMAN, FOREIGN BANKS’ INTEREST IN ARMENIAN BANKING SYSTEM INCREASES

Noyan Tapan
Feb 05 2007

YEREVAN, FEBRUARY 5, NOYAN TAPAN. The Chairan of the Central Bank
of Arenia (CBA) Tigran Sargsian considered the entry of Credit
Agricole Bank (France) into the Armenian market through acqusition
of ACBA Bank’s share as the most remarkable event of 2006. During
the February 5 press conference, T. Sargsian said that "this step
of ACBA Bank prompted other Armenian commercal banks to take steps
aimed at attracting institutonal investors."

Accordng to him, a number of Armenian banks are now conducting
negotatons in this direction with the International Financial
Corporation (IFC) and the European Bank for Reconstruction and
Development (EBRD). Two German fianancial bodies are expected to
enter the Armenian market of banking services.

In T. Sargsian’s opinion, the interest shown by foreign banks to this
market was conducive to a sharp increase of crediting in the country
by the Armenian branch of HSCB Bank (Great Britain). He added that
in 2007, HSBC Armenia will open several branches.