FOUR LEADER-BANKS DETERMINED BY THE POSITION HELD IN ARMENIAN BANKING SYSTEM

ArmInfo
2010-02-18 13:00:00

ArmInfo. ACBA-Credit Agricole Bank, VTB-Armenia, Ardshininvestbank
and HSBC Bank Armenia have occupied the leading positions in the
banking system of Armenia upon the results of 2009.

According to the analysis made by Financial Information Service of
ArmInfo News Agency for the Analysis and Ranking of the Commercial
Banks of Armenia quarterly bulletin, the position of each bank was
determined by the own methodology with account of indicators of the
total capital, assets, total credit investments, credits in the
economy, investments in securities, total liabilities, attracted
funds and undistributed profit. Unlike the previous analysis, the
"position" indicator took into account the loro and nostro accounts,
credits to individual persons, demand liabilities, fixed deposits,
interbank deposits and credits. According to ArmInfo analysts, four
banks, which have become leaders by the cumulative analysis of the
afore-mentioned indicators, meet the leadership also by the size
of assets.

So, the total assets of ACBA-Credit Agricole Bank made up 162,7 bln
drams, HSBC Bank Armenia – 135,8 bln drams, VTB-Armenia – 120,7 bln
and Ardshininvestbank – 119,4 bln. By the position held, these four
banks "breathe down the neck" of Unibank, with assets of 108,6 bln
drams and Ameriabank, with assets of 103,5 bln. According to ArmInfo
analysts, in view of transfer to IFRS international standards, the
commercial banks of Armenia were deprived of a specific standard of
the reporting being published and appendices to it, in view of which
the banks disclose their data at their sole discretion, that creates
serious difficulties in assessment of the bank’s real financial state
and the banking system in general. In the conditions of the financial
crisis, such "various readings" conflict with the declared policy of
information openness and transparency of the Armenian banking system.