RAIFFAIZENBANK, PROKREDITBANK, BYBLOSBANK TO ENTER ARMENIAN MARKET OF BANKING SERVICES

Noyan Tapan
Jun 22 2007

YEREVAN, JUNE 22, NOYAN TAPAN. Raiffaizenbak (Austria), ProKreditBank
(Germany) and ByblosBank (Lebanon) will enter the Armenian market
of banking services. Raiffaizenbank is currently conducting active
negotiations with the Central Bank of Armenia (CBA) and another
Armenian bank, while negotiations with ByblosBank are at the final
stage. CBA Chairman Tigran Sargsian said this on June 22.

In his words, another two foreign banks as well as two financial
organizations, which have not yet stated their intention in public,
have expressed a desire to enter the Armenian market of banking
services and submitted their bids to the CBA.

Responding to NT correspondent’s question, T. Sargsian noted
that the entrance of the above mentioned banks into Armenia will
result in a considerable inflow of money into Armenia’s banking
system. "The indicated banks have no problem with capital because
funds are accessible to them while their head organizations are quite
capitalized: they will invest as much capital as necessary in Armenia,"
he pointed out.

T. Sargsian explained that the indicated banks have conducted a
study of the Armenian market of banking services and revealed that
"it can absorb these investments, while the banks can do profitable
business in Armenia."