ArmInfo. The Union of Banks of Armenia (UBA) and the Lessors Association of Armenia signed a memorandum on Monday.
Seyran Sargsyan, UBA Executive Director, highlighted the importance of developing financial services in Armenia and expressed hope that cooperation in this field is raising awareness of leasing as a financial instrument and increasing availability of leasing to the business community.
"The first results of the new format of cooperation with the Lessors Association of Armenia will be available early in 2022 and will concern disputes and legal issues, as well as education and qualification programmes," he said.
Arsen Bazikyan, President of the Lessors Association of Armenia, highlighted the importance of leasing in the context of its unique role in economic development.
"We expect innovations in the leasing segment in 2022, which implies new trends in Armenia`s market. To achieve the desired results, we have to conduct refresher courses along with our current activities. In this context, I highlight the mutually beneficial platform being established in cooperation with the UBA, which, in turn, will enhance the efficiency of the programmes under way," Mr Bazikyan said.
Four leasing companies are operating in Armenia: ACBA Leasing (since April 2003), Agroleasing (since August 2003), Unileasing (since November 2008) and Armleasing (since October 2019). By October 1, 2021, the companies` loan portfolio had totaled AMD 31.9bln or $65.8mln, with ACBA Leasing share being 88.7%, those of Agroleasing and Armleasing 5.6% each, and that of Unileasing 0.1%.
The leasing companies` total loan portfolio showed a 19% year-on-year increase. Armleasing recorded a 2.4-fold increase in its loan portfolio (with its relatively recent market entry considered), Argoleasing recorded a 36.9% increase, ACBA Leasing, 14.3% increase. On the other hand, the Unileasing company reported a 20.4% decrease in its loan portfolio, which precluded a higher increase in the total loan portfolio. With the leasing transactions effected by five Armenian banks (Ameriabank, Artsakhbank, Converse Bank, VTB Bank Armenia and Araratbank), the total leasing portfolio had reached AMD 54.3bln or $112.1mln by October 1, 2021 - a 32% year-on-year increase.
