ARMENIAN AMBITIONS AS A REGIONAL FINANCIAL CENTER
By M. Alkhazashvili
(Translated by Diana Dundua)

The Messenger, Georgia
June 27 2007

Armenia could position itself as the financial center of the South
Caucasus, announced Armenian Prime Minister Serj Sarkisian at an
annual banking conference.

The prime minister says that the banking industry is one of the most
developed aspects of the Armenian economy. International standards
and corporate governance are well established in the country’s
banking industry, he added, and consumer trust in domestic financial
institutions is on the increase.

However, Sarkisian says, the banks’ participation in Armenian economic
growth and loans is below where it should be. It is vital that Armenian
banks do more to provide businesses and social services with loans,
the news agency Regnum reports Sarkisian as saying.

According to the prime minister, banks are located almost entirely
in Yerevan, leaving their services out of the reach of much of the
population. He came to the table with a plan to increase banks’
reach, whilst benefiting more Armenians. Sarkisian offered banks the
selection of a smaller city in Armenia, such as the northern resort
town of Dilijan, which they could then transform into a national
financial center leaving only branch offices in Yerevan.

"If this idea is put into practice it will be followed by regional
development," the prime minister suggested.