Central bank of Armenia to support commercial banks consolidation

Central bank of Armenia to support commercial banks consolidation

YEREVAN, December 30. / ARKA /. Central Bank of Armenia supports the
consolidation of commercial banks, the deputy chairman of the Central
Bank of Armenia Vache Gabrielyan said on Tuesday, commenting on the
rumors about a possible merger of some banks.

"Our policy is that we are supporters of the consolidation of banks,
and if there is such a trend, we will assist in the merger,"
Gabrielyan said.

Deputy Chair of the Central Bank found it difficult to say whether it
is worth to expect such trends in 2010, stressing that everything will
depend on economic subjects.

"In our view this is desirable, since the consolidation of the banking
system will lead to a number of positive effects, including reduction
of interest rates," Gabrielyan said.

Regarding the possible release of new banks in the Armenian financial
market, then according to the deputy chairman of the Central Bank,
there aren’t any clear-cut applications, but such a possibility is not
excluded, since many parties periodically turn for information in the
CB.

"However, there is no information about the entrance of new banks in
the Armenian market," Gabrielyan said.–0-