Thursday, October 18 2012 19:37

Rosselkhozbank opens a representation in Armenia


ArmInfo. Rosselkhozbank, one of the largest banks in Russia, has opened a representation in Armenia. The press service of the Central Bank of Armenia (CBA) told ArmInfo that the decision on registration was taken by CBA Chairman Artur Javadyan on October 16.

"Rosselkhozbank's activity in Armenia can contribute to development of the trade and agricultural relations between Armenia and Russia", Armenian President Serzh Sargsyan said during his meeting with Chairman of the Board of Rosselkhozbank Dmitry Patrushev in January 2012. The possible directions and prospects of Rosselkhozbank's activity in Armenia were discussed at that meeting.

Patrushev, in turn, expressed the Bank's intention to cooperate on agrarian projects in Armenia and to contribute to development of the agrarian and industrial complex of Armenia. Patrushev said that the first step towards this cooperation is to establish Rosselkhozbank's representation in Armenia.

Russian Agricultural Bank (Rosselkhozbank) is one of the biggest banks in Russia that specializes in funding the agricultural sector. 100% of the lender's shares are state-owned. As Banki.ru data show, as of July 1, 2012 the lending institution's assets stood at RUR 1.54 tln (No. 4 in Russia), capital (calculated in line with CBR requirements) came to RUR 175.35 bln, the credit portfolio totaled RUR 1.01 tln and obligations to households equaled RUR 157.16 bln. The Bank opened representations in Belarus, Kazakhstan, Tajikistan and Azerbaijan.
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