DAVIT SUKIASIAN: ARMECONOMBANK CAN COMPETE WITH COMMERCIAL BANKS OFFERING LOWEST INTEREST RATES OF MORTGAGE CREDITING

Noyan Tapan
Feb 28 2007

YEREVAN, FEBRUARY 28, NOYAN TAPAN. By late 2007, Armeconombank
envisages to increase the amount of its mortage credits to 12 million
dollars, while mortgage crediting period – to 12 years instead of the
current 8 years. Executive director of the bank Davit Sukiasian told
this to reporters on Fevruary 27.

In his words, Armeconombank will continue providing mortgage credits
at 12-14% interest rate, "trying to reduce it to 12%, but no lower
in the future."

D. Sukiasian said that Armeconombank has no concerns that it cannot
compete with commercial banks offering the lowest interest rate –
10%. "Unlike these banks, we do not charge our customers additional
commissions," D. Sukiasian noted.