ACBA CREDIT AGRICOLE BANK RECEIVES WORLD FINANCE BANKING AWARDS 2010

PanARMENIAN.Net
April 22, 2010 – 16:26 AMT 11:26 GMT

Armenia’s ACBA Credit Agricole Bank received World Finance Banking
Awards 2010 as the best banking group in the republic.

2010 is taking shape as the recovery year, with financing for new
investments, in infrastructure, the energy sectors – as well as
acquisition finance – returning. This has been put down to better
dealing of the economic crisis by specific governments and financial
institutions.

Banks have used issuance of convertibles and capital increases to
reinforce their capital base. This year is seeing the application of
stricter rules on provisions.

The crisis had its reverberations on both developed and developing
economies of the world; however, not all banks experienced the kinds
of losses that even revered financial institutions of the other
countries have faced. World Finance conducted in-depth investigations
into this year’s banking sector. The magazine’s researchers found a
lot of promise in the emerging banking systems. Congratulations to
the winners. The second installment of the awards will feature in
the July-August issue, available in newsagents from June.