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Areximbank-Gasprombank Group expects growth of transfers by 20%

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  • Areximbank-Gasprombank Group expects growth of transfers by 20%

    Despite certain decrease of cash remittance volume in 2011, this year
    Areximbank-Gasprombank Group expects growth of transfers by 20%

    arminfo
    Saturday, March 3, 18:34

    Despite certain decrease of cash remittance volume in 2011, this year
    Areximbank-Gasprombank Group expects growth of remittance by 20%,
    deputy director general of Areximbank-Gasprombank Group, Ruben
    Khachatryan, told Arminfo correspondent.

    "Since the beginning of the crisis in the banking system of Armenia
    the noticeable decrease of the cash remittance has been noted. This
    may be explained by the two key factors: first, the world financial
    crisis, and second, harsh competition among the banks", - Khachatryan
    said. He also added that at present almost all the banks offer their
    customers international cash remittance service practically on equal
    conditions. "The market is full of proposals. For this reason, the
    demand has decreased. Similar situation happened in our bank in 2011.
    If compared with the results of 2010, the volume of the cash
    remittance of individual persons dropped by 20% and amounted to 5 bln
    drams versus 6.2 bln drams in 2010. As for the remittance of the legal
    persons, they dropped by 11%. Nevertheless, in 2011 positive dynamics
    of increasing of the cash remittance volume was noticed in all the
    banking system of Armenia in general, by about 11-15 %, he said. "The
    improvement of the situation makes us hope for the growth of the cash
    remittance volume by about 20% in 2012. Of course, I have already
    said that the competition is harsh at the market, they have been
    fighting for every customer and only the bank which offers high
    quality service wins. For this reason, the bank should always raise
    effectiveness of work, extend the specter of services and widen
    partnership with different international payment systems", -
    Khachatryan said.

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