YEREVAN, October 19. /ARKA/. ACBA Credit Agricole Bank said today it has opened another branch in Yerevan on October 18. In a press release the bank said the new branch called Armenia is designed to handle financial flows of individuals and economic entities. The branch is equipped with ultra-modern technology and meets the latest European standards.

"Our goal is that customers in this branch are served as customers are served in Paris, Zurich or New York," Stepan Gishian, the bank CEO, was quoted as saying.

Central Bank governor Arthur Javadyan said ACBA-Credit Agricole Bank has a 15 years experience and is constantly seeking to expand and has been a leading bank over the last three years. The opening of the branch was attended by senior state officials, businessmen, ambassadors and representatives of international organizations.

ACBA-Credit Agricole Bank was founded in 1996 as part of the EU TACIS program. Among its major shareholders are French Credit Agricole SA (15.56%, SACAM International (12.44%) as well as farmers unions of Armenia, including Armavir region that owns 14.08% and Ararat region that owns 12.28%.

On June 30 its assets totaled 192.7 billion drams, growing by 14.56% from the beginning of the year and accounting for 10.93% of all bank assets in Armenia. The bank loan portfolio grew in the first half of the year by 17.5%, to over 133 billion drams (11.3% of the total loan portfolio of the banking system). Its capital reached more than 42.1 billion drams, having increased in comparison with the beginning of the year by 6.98% (11.95% of the total capital of the banking system). In the first six months of the year it earned over 3 billion drams in profits, almost a 59% rise from a year earlier. ($ 1-375,40 drams). -0-