Ivan Anisimov: Exit of Gazprombank from Armenian market will not lead to chain reaction

ArmInfo. Gazprombank is not interested in the Armenian market strategically, member of the Information Policy Council of Russia's Association of Regional Banks Ivan Anisimov stated in a talk to ArmInfo's correspondent commenting on the reasons why Gazprombank's subsidiary Areximbank-Gazprombank Group has left the Armenian market 

"Currently Russian banking system is facing a serious transition related to the Central bank's stand, which has taken a role of mega regulator, which is accompanied with strategic distribution of market niches between its participants. As far as I understand Gazprombank, which is guided by marketing strategy, is not interested in the Armenian market. That is why I would not dramatize the situation", he stressed noting that one should not expect a chain reaction. The expert explained that in the current conditions the Russian banks have started to work based on the principle of reasonable approach defining their place in the game.  Each financial institution clearly demonstrates its strategic approach both in Russia and abroad", he noted.

According to Anisimov cooperation with the Armenian Diaspora of Russia would be promising for the Armenia's banking sector. This in his words will allow uniting the nation and successfully competing on any market. "It is very difficult to compete in production of agricultural products or in other fields, specially if the country is not large and has certain problems, however finances do not need a large country, they require a certain quality of service, good normative basis and intellectual potential, which Armenia definitely has", the expert said noting that in this context he does not see any problems for the banking sector of Armenia.

To note, subsidiary of Russian Vneshtorgbank- VTB Bank (Armenia) operates in Armenia holding leading positions on the main financial indicators and traditionally having the largest branch network in the country.  To recall, the process of consolidation of the banking sector out of necessity to meet the new total capital standard effective from early 2017 started in late 2015. At that time ProCredit Bank (Armenia) and BTA Bank announced their withdrawal from the market, having merged with INECOBANK and Armeconombank, respectively. In the end of 2016 Areximbank-GPB Group and Armenian Development Bank announced about their merger with Ardshinbank and Araratbank respectively. As a result out of 21 banks the number of the banks in Armenia declined to 17 by 2017.