Customer base of Armenian banks grew by 5.5% over year amid 8.2% rise in accounts

ArmInfo. By September 2016,  the customer base of the Armenian banking system had 2,361,208  individuals and 79,055 legal entities. According to the National  Statistical Service of Armenia, as many as 2,440,263 customers had  4,466,712 accounts in Armenian banks, including 4,284,043 accounts of  individuals and 182,669 accounts of legal entities.

As compared with the same period of 2015, the number of customers  grew by 5.5% or 135,562 clients, while the number of accounts rose by  8.2%.

To note, following the merger of ProCredit Bank and INECOBANK, as  well as the merger of BTA Bank and Armeconombank, the number of the  banks has dropped to 19. In early October 2016 Areximbank-Gazprombank  Group merged with Ardshinbank. By late 2016, Armenian Development  Bank will also merge with one of the banks. As a result, there will  be 17 banks in Armenia in 2017.