Friday, March 5 2010 10:21

EBRD: Armenian banking sector needs consolidation


ArmInfo. The Armenian banking sector needs certain consolidation, EBRD Director for Financial Institutions in Middle Asia, Caucasus and Mongolia Mike Taylor said in Yerevan on Thursday.

The European Bank believes that existence of too many small banks in the market necessitates consolidation, he said. For his part, Artak Hanesyan, Ameriabank Directorate Chairman- Director General, said that transactions on amalgamation or unification are possible in future. "We are constantly surveying the banking sector of Armenia and possibilities of cooperation with other banks," he said.
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