Wednesday, September 17 2014 16:33
Ameriabank: Armenian banking system's involvedness in GDP is not so high as compared with other countries
ArmInfo. The Armenian banking system's involvedness in the GDP is not so high as compared with other countries, Gagik Sahakyan, Corporate Banking Director at Ameriabank, said at today's briefing.
When asked by ArmInfo's correspondent about the too many credit organizations amid the small scales of Armenia's economy, Sahakyan did not rule out possible consolidation of the banks. In the meantime, he thinks that 10-12 banks are quite enough for Armenia.
To recall, the first consolidation in the Armenian banking system took place in 2003 when Ardshininvestbank acquired most of the assets and liabilities of Ardshinbank and Aramagrobank with their wide branch network. Later, in mid June 2010, the merger of Cascade Bank and Ameriabank was completed, and the new bank started operating in the market under the brand of Ameriabank. By the latest data, the Armenian banking system has 21 banks and over 490 branches along with 32 credit organizations with 130 branches.
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