BANKING NETWORK TO MAKE FINANCIAL SERVICES AVAILABLE IN ARMENIA’S REGIONS

ARKA
July 17

A banking network in Armenia will make financial services available in
the country’s regions, RA Minister of Economy Nerses Yeritsyan stated
at the 2nd annual conference "Developing Armenia’s rural communities".

He pointed out that financial services will thus become less expensive
for residents of borderline villages, who will not have to pay
transportation costs.

In this context, Minister Yeritsyan stressed the importance of
establishing a PostBank in Armenia. The bank is supposed to have 900
branches throughout the country.

The formation of a postal service system in Armenia’s regions is a
good initiative aimed to make services available in the country’s
remote regions, Yeritsyan said. He expressed a hope that the services
will be available in 5-10 years.

The Minister pointed out that Armenian banks are actively expanding
their branch networks in the regions and broadening the range of
e-services. The developing portals allow businessmen to sign business
contracts.

"What remains is to form culture of receiving business services by
means of Internet, which will ensure rapid development," Yeritsyan
said.

Twenty-two commercial banks operating in Armenia have 355 branches.

PostBank (Holland) plans to launch activities in Armenia. With this
end in view, it sub mitted the necessary documents to the Central
Bank of Armenia last year.

PostBank is expected to render financial and insurance services
throughout Armenia.