YEREVAN, September 14. /ARKA/. Chairman of Armenia’s Union of Banks Ashot Osipyansaid Friday there can be consolidation in Armenia’s banking sector.

“In Armenia’s banking system there can be consolidation and purchases, like at any other market,” he responded to ARKA news agency’s question at the press conference

As of optimal number of commercial banks in the country, Osipyan said this issue should not be discussed in the administrative order.

“Some time earlier I would answer that the optimal number of banks we need is 12, however, now I have understood that it is not right. The optimal number of banks depends on market demands. If the market has a place, and bank shareholders are pleased with the revenues, it means the number is optimal,” he underlined.

In 2010 Cascade Bank merged with Ameriabank in order to support the financial sector in Armenia and form a stable financial platform for the post-crisis economic development of the country.

Ameriabank have also announced about the possibility to merge with one of the local banks.

There are 21 commercial banks in Armenia with 475 branches. As of 30 June 2012 the total equity of the banks is 387.3 billion drams, assets- 2209,1 billion drams, credit investments- 1550,8 billion drams, liabilities- 1821,8 billion drams. ($1 – 409.62 drams).—0-