Wednesday, October 27 2010 12:22
Amalgamation of two universal credit companies gives birth to new credit company "Global Credit"
ArmInfo. A new player - universal credit organization "Global Credit" has appeared at the Armenian financial market as a result of amalgamation of the two credit organizations ("Washington Capital" and "Credit Union"). The new company was registered by Central Bank council on 26 October.
Irina Irgaryan, the former executive director of "Credit Union", has been appointed to the position of director of the new company and Armen Khachayn - deputy director.
According to the Ranking of credit companies prepared by ArmInfo, as of 1 July 2010 the aggregate total capital of "Washington capital" and "Credit Union" amounted to 396 mln drams, the authorized capital - 450 mln drams, the asserts - 2.2 bln drams and credit investments - 1.9 bln drams.
As ArmInfo experts say, the tendency of unification and amalgamation will continue at the credit organizations market. This will lead to gradual decrease of players at the market and their strengthening. The new tendency is conditioned by the decision of Armenian Central Bank to make normative requirements to credit companies more severe. Till 2016 the authorized capital of these companies should gradually grow up to 1 bln drams against the present 150 mln drams in universal credit companies. The experts think that such intention of Central Bank was dictated with a desire to limit actions of credit organizations at the non-core for them currency market, including cash currency market, as their active activity leads to serious exchange rate fluctuation at the currency market. Such hardening will make it possible to lead credit organizations in the bed of their professional credit activity.
To note, universal credit company "Washington Capital" was founded in September 2005. The mortgage crediting is the main direction of its activity.
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