YEREVAN, October 7. /ARKA/. Oliver Group appraisal agency and Union of Banks of Armenia (UBA) signed a memorandum of cooperation Friday. According to the memorandum, the agency will be providing, through the UBA, results of its real estate market studies to Armenia’s banks.

Market demand information will be of help to Armenian banks that are providing mortgage loans today, head of the UBA Samvel Chzmachyan said at the signing ceremony.

Chzmachyan also said the UBA will be transferring the data received from banks, number of mortgage loans extended and credit recovery data in particular, to the agency.

General director of Oliver Group Ara Aduryan, in his turn, said his company provides services to two thirds of Armenia’s financial market, and to be trusted is a great honor for them.

Aduryan said they are happy to contribute to development of Armenia’s banking system.

Oliver Group appraisal company was founded in Armenia in 2002. The company prepared over 16,000 appraisal documents as of the end of 2012. The company’s turnover was 68.4 million drams in 2012 and 51.8 million drams in nine months of 2013. ($1=405.29drams).  –0--