09.02.2016 18:41
YEREVAN, February 9. /ARKA/. The number of banks in Armenia may drop from the current 21 to 14-16, Ruben Melikyan, Chief Financial Officer of the Lebanese-owned bank and a member of its Board, said in an interview with ARKA news agency.
According to him, this is likely to be prompted by the Central Bank’s 2015 decision requiring that banks raise their minimum total capital to 30 billion drams.
"The reduction will not lead to the establishment of oligopolies in the banking system. There will be nothing tragic in it, especially that more than 10 banks will continue operating and most of them are owned by different owners and can easily compete in the market," said Melikyan.
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