CB of Armenia does not rule out establishment of and mergers of operating banks

29.12.2009 21:12
CB of Armenia does not rule out establishment of and mergers of operating banks

YEREVAN, December 29, /ARKA/. Speaking Monday at an online news conference at www.armbanks.am Armenian Central Bank governor Arthur Javadian did not rule out establishment of new commercial banks and other financial-crediting organizations as well as mergers of operating ones.

He said the Central Bank did not receive any official application for opening a new bank or a merger of the existing ones. Citing rumors that several banks were negotiating such scenarios he said the Central Bank does not rule it out.

In his words, the Central Bank will support a consolidation of banks that would not hamper competition, but ‘this process should be pushed by market trends and never be imposed.’ Presently there are 22 commercial banks in Armenia. . -0-


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