FOREIGN INFORMATION TECHNOLOGY COMPANIES PERFORM ORDERS OF 20-30 MILLION DOLLARS A YEAR FOR ARMENIAN BANKS

Noyan Tapan

Ma y 15, 2008

YEREVAN, MAY 15, NOYAN TAPAN. Foreign companies receive orders for
IT production of 20-30 million dollars a year from Armenian banks,
the executive director of the Union of IT Enterprises of Armenia
(UITE) Karen Vardanian said at the May 14 press conference.

According to him, Armenian banks place orders for database development
and installation, as well as for other labor-intensive IT production
to be made by foreign companies. This is connditioned by the fact that
the banks are not sure that a local company to take the order will
not be liquidated or bought by another company in the near future,
as a result of which the bank may be left without services and the
necessary advice.

In the words of the executive director of the Union of Banks of
Armenia Mikael Hovsepian, the 22 Armenian banks place orders for
their software solutions with two local IT companies – Armenian
Software and L-Soft. The reason is that the software solutions of
the indicated companies are more localized – in accordance with the
Armenian legislation. According to K. Vardanian, these solutions are
mainly used for management of banks’ money flows and in the local
bank networks.