Client base of Armenian banks increased by 5.2% over year amid growth of accounts by 8%

ArmInfo. The client base of Armenia's banking system by October 2016 numbered 2 375 223 physical and 79 174 legal entities.  According to the National Statistic Service of Armenia, 2 454 397 clients had 4 493 879 accounts in Armenia's banks, from which 4 310 188 are accounts of physical entities and 183 691 of legal entities.

According to the source, client base of Armenian banks increased by 5.2% or 143 895 clients in year-over-year terms. At the same time in Q3 2016 alone bank accounts grew by 1% or 23 552 clients. The accounts of clients grew by 8% y-o-y and by 1% in quarterly terms.

To note, after merger of ProCredit and BTA banks with INECOBANK and Armeconombank respectively, currently 19 banks operate on the Armenian financial market. In early October 2016 another merge was announced between Areximbank-GPB Group and Ardshinbank. Till the end of 2016 merger of Armenian Development Bank is expected, currently negotiations are being held. As a result 17 banks will remain in Armenia by 2017.