Tuesday, November 8 2011 19:04

EBRD is ready to help Armenia to consolidate its banking system


ArmInfo. Armenia needs to consolidate its banking system and the European Bank for Reconstruction and Development is ready to help, Director of the EBRD Yerevan Office Valeriu Razlog said in response to ArmInfo's question during a press-conference on Tuesday.

He said that consolidation is a normal process and Armenia's banking system should come to it without external pressure.

Razlog believes that consolidation will allow the Armenian banks to enlarge their branch networks and to provide banking services all over the country.

CEO of ARARTBANK Ashot Osipyan said that his bank is going to buy a credit company. It has not yet decided which one but as soon as it finds one it will offer its buying terms.

Since 1992 the EBRD has invested over $500mln in 100 projects in Armenia. It cooperates with 12 local banks.

The majority shareholders of ARARATBANK is Flash, one of Armenia's biggest oil traders - 74.1% and the EBRD - 25%+1.
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