YEREVAN, October 10. /ARKA/. Consolidation of Armenia’s banks is unavoidable, member of Ameriabank CJSC Managerial Board Ruben Vardanyan told reporters in Yerevan on Thursday.

Twenty-one banks in a country - it is too many, Vardanyan told ARKA.

Amalgamation of banking institutions is needed to ensure efficiency and compliance with international standards, including that in terms of lending capacities, he said.

It is an unavoidable process, and investments and new stockholders should be attracted, he said.

There are currently 21 commercial banks and the All-Armenian Bank operating in the country. Aggregate assets of these banks amounted to 2,916.7 billion drams in the first half of the year (0.74% decrease from the beginning of the year); liabilities were 2,429.6 billion drams (1.61% reduction), capital was 487.1 billion drams (3.85% increase).

Ameriabank is a universal bank that provides investment, corporate and retail banking services in the form of a comprehensive package of banking solutions. It is the first investment bank in Armenia that has been providing a wide range of innovative banking services since 2007. ($1 – 411.94 drams). –0-