Jrbashyan: Armenia’s banking sector expected to grow at least by 10% in five years

21.10.2011 21:42
Jrbashyan: Armenia’s banking sector expected to grow at least by 10% in five years

YEREVAN, October 21. /ARKA/. Armenia’s banking sector is expected to grow at least by 10% in the coming five years, Ameriabank Development Director Tigran Jrbashyan said Thursday at a news conference.

“This will fuel potential investors’ interest,” he said.

Jrbashyan said that the ratio of lending to GDP is very low in Armenia, just as in other South-Caucasian countries.

However, these countries’ banking sectors are expected to grow fast within five or six years, he said. This growth is believed to outdo twice GDP growth.

“If our GDP grows 4 or 5%, the banking sector may enjoy at least ten-percent growth,” the banker said adding that there is no such an opportunity in the East Europe, since banking sector’s growth is in tune with GDP and real sector here.

According to the information released by the Central Bank of Armenia, the aggregate loan portfolios of the country’s banks made up 27.1% of GDP in 2010.-0---


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