YEREVAN, September 24, /ARKA/. Armenian president Serzh Sargsyan commended Thursday ACBA Credit Agricole Bank for its contribution to development of Armenia’s banking system as he received its chairman Jean-Marie Sander.

Sargsyan’s press office said the president noted also the bank’s strong participation in the development of Armenia’s economy, particularly, in agriculture. ‘I think, on the one hand you have made a very good financial investment, on the other hand you have brought a new culture to our financial market, which is very important to us,’ the president was quoted as saying.

Jean-Marie Sander said the bank takes active part in the development of Armenia’s economy with love and responsibility. He added that the bank attaches primary importance to the agricultural sphere, as well as the development of agricultural areas. According to Jean-Marie Sander, ACBA-Credit Agricole Bank contributes also to strengthening of the Armenian-French friendship.　As an example he referred to a ceremony dedicated to the 140th anniversary of Armenian composer Komitas, held in 2009 in France under the auspices of the bank. At the end of the meeting the two sides stated that all the preconditions exist for the extension of ACBA-Credit Agricole Bank’s activities.

Some 15.6% in ACBA Credit Agricole Bank, established as part of TACIS program, is held by French Credit.

Agricole S.A, 12.55% is held by SACAM International company, the remaining shares are owned by unions of farmer assistance in all ten provinces of Armenia . The bank has 37 branches nationwide. -0-