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CENTRAL BANK OF ARMENIA TO LAY NECESSARY GROUNDWORK FOR BANKING SECTOR'S 40-PERCENT GROWTH
ARKA News Agency, Armenia
July 9 2007
YEREVAN, July 9. /ARKA/. The Central Bank of Armenia is to lay
necessary groundwork for banking sector's 40-percent growth, the
Central Bank of Armenia Chairman Tigran Sargsyan said Monday in an
interview with Reuters.
"The thing is that financial mediation is underdeveloped in Armenia
now because of small market. However, Armenia wants to become the
regional financial center", he said.
At the same time, the CBA head said that banking sector grows 25%
every year outdoing twice GDP growth.
Sargsyan said that Armenian banking sector with its 21 banks and
50% of foreign participation in the capital, expects seven banks
appearance here.
These banks are German ProCreditBank, Austrian Raifaizen, Lebanese
Biblos, Russian Gasprombank and Dutch International Post Service.
Negotiations with two other banks are under way now.
Sargsyan also said that the Central Bank intends to develop the
insurance market by inviting large insurance companies from the
outside and developing securities market.
In his opinion, cooperation with Scandinavian OMX will contribute
to that.
According to the Central Bank's quarterly reports, Armenian banks'
aggregate assets made 19.57% of GDP by late March 2007 against 20.41%
earlier this year.
ARKA News Agency, Armenia
July 9 2007
YEREVAN, July 9. /ARKA/. The Central Bank of Armenia is to lay
necessary groundwork for banking sector's 40-percent growth, the
Central Bank of Armenia Chairman Tigran Sargsyan said Monday in an
interview with Reuters.
"The thing is that financial mediation is underdeveloped in Armenia
now because of small market. However, Armenia wants to become the
regional financial center", he said.
At the same time, the CBA head said that banking sector grows 25%
every year outdoing twice GDP growth.
Sargsyan said that Armenian banking sector with its 21 banks and
50% of foreign participation in the capital, expects seven banks
appearance here.
These banks are German ProCreditBank, Austrian Raifaizen, Lebanese
Biblos, Russian Gasprombank and Dutch International Post Service.
Negotiations with two other banks are under way now.
Sargsyan also said that the Central Bank intends to develop the
insurance market by inviting large insurance companies from the
outside and developing securities market.
In his opinion, cooperation with Scandinavian OMX will contribute
to that.
According to the Central Bank's quarterly reports, Armenian banks'
aggregate assets made 19.57% of GDP by late March 2007 against 20.41%
earlier this year.