ACBA Bank Renamed To ACBA-Credit Agricol Bank

ACBA BANK RENAMED TO ACBA-CREDIT AGRICOL BANK

Panorama.am
16:45 26/09/06

Tigran Sargsyan, chairman of Central Bank and Stepan Grishyan,
executive director for ACBA Bank, congratulated the public in a press
conference today saying Credit Agricole has bought 28% of ACBA Bank’s
shares becoming the leading shareholder in the bank.

ACBA Bank has changed its name to ACBA-Credit Agricol Bank.

"Today we have not one but two transnational corporations which is
important for the banking system of the republic," Sargsyan said saying
HSBC had a monopoly position until now causing troubles in the market.

After the first investment the own capital of the bank has made up
10 billion Armenian drams.