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13 Armenian Banks Buy Controlling Share In Equity Of Acra Credit Rep

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  • 13 Armenian Banks Buy Controlling Share In Equity Of Acra Credit Rep

    13 ARMENIAN BANKS BUY CONTROLLING SHARE IN EQUITY OF ACRA CREDIT REPORTING

    Noyan Tapan
    Aug 30 2006

    YEREVAN, AUGUST 30, NOYAN TAPAN. Eleven Armenian banks (ACBA,
    Anelik Bank, ArmSwissBank, Armenian Development Bank, ArtsakhBank,
    BTA InvestBank, HSBC Armenia, InecoBank, Melat Bank, VTB Bank -
    Armenia) have jointly bought 50.1% of shares in the equity of ACRA
    Credit Reporting CJSC. According to a press release submitted to
    NT by ACRA Credit Reporting, earlier Converse Bank (in June 2005)
    and ArmEconomBank (in May 2006) became shareholders of ACRA, each
    owning 1% of ACRA's equity. Thus, as of today 13 Armenian banks,
    and a bank - ACRA member, i.e. the banks representing 76% of banking
    assets and 75% of all the loans in banking sector, have become either
    ACRA's shareholders or its members. In addition, 9 largest credit
    organizations (Aregak, Finka, First Mortgage Company, Cascade Credit,
    Horizon, Kamurj, SEF International, Shen Aniv and Washington Capital)
    working in Armenia are also the members of ACRA.

    According to a preliminary agreement, the Central Bank of Armenia (CBA)
    will also become a shareholder of ACRA in the nearest future. ACRA
    credit bureau was set up in 2004 by Credential Inc. (US) and became
    operational in September 2005 with the assistance of Dun & Bradstreet
    Inteernational.
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