Thursday, March 11 2010 10:07
Policy of Armenian credit companies deserves positive mentions
ArmInfo. The policy and activity of the Armenian credit organizations in the financial market of Armenia deserve positive mentions, said Vahe Vardanyan, Head of the Department for Financial Policy and Financial Stability of the Central Bank of
Armenia (CBA), at the first annual meeting of the Association of credit organizations. "It is noteworthy that last year the credit organizations of Armenia managed to ensure growth in the main financial indices. In particular, the organizations increased the assets by 15%, having secured a summary profit of 2.6 bln AMD", - stressed the CB representative. According to him, this demonstrates high-quality management and risk management system in credit organizations.
At present there are a total of 28 credit organizations in the financial market of Armenia. Such a big number of players in this market shows that the services of credit companies are in big demand, and their activity is carried out according to the principle of replenishing the banking proposal in certain sectors of economy. This leads to acceleration of development of both banks and non-banking micro-finance, mortgage, leasing and other organizations, as well as to creation of healthy competition in the market.
To note, the Association of credit organizations of Armenia was registered by the Central bank of Armenia in December 2008. The member founders of the Association are 6 credit organizations out of the 28 in operation, namely: UCO FINCA, New Horizon, GFC - General Financial Credit Company, SEF International, Farm Credit Armenia and AREGAK. At the end of 2009, the share of these organizations made up 40% of the total amount of assets of all credit organizations, over 43% of the credit portfolio, and over 42% of their total capital. The Association contributes to development of the financial-credit system of Armenia by means of effective and complete implementation of the potential of credit organizations. The key task of the Association is to represent the interests of its members in the CBA, governmental and non-governmental bodies.
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