ARMENIAN CENTRAL BANK GETS NEW APPLICATIONS FROM BIG FINANCIAL INSTITUTIONS FOR ENTERING THE ARMENIAN BANKING SECTOR
ArmInfo
2007-06-22 20:01:00
The Central Bank of Armenia has received two new applications from
big foreign banks who want to enter the Armenian banking sector,
Chairman of the CB Tigran Sargsyan said during a press-conference
on AraratBank’s receiving B- rating and stable outlook from AmRating
agency (Global Rating Group).
This plans prove that the Armenian banking sector is successfully
developing otherwise such big financial structures would not wish
to come here. "They need to be sure that in Armenia they will have
profitable business," Sargsyan said. He noted that presently the
Central Bank is negotiating with five big foreign banks. ProCredit
micro-credit bank has officially confirmed its intention to come to
Armenia, with Raiffeisen Bank Austria the negotiations are underway,
with Lebanese Biblos Bank they are near completion.
These banks can significantly increase the capital of the Armenian
banking systems as they have no problems with capital, have enough
financial resources and are sufficiently capitalized. So, they can
invest in Armenia as much as they need, Sargsyan said. The entry of
aggressive foreign banking players will result in growing rivalry
and more attractive and diverse banking services in Armenia.