Golden State Bank, Ameriabank announce cooperation

PanARMENIAN.Net - Golden State Bank and Ameriabank have signed a memorandum of understanding, which seeks to establish a closer collaboration between the two institutions and give existing and prospective customers of both banks access to each other’s markets and services.

Now, individuals and companies based in Armenia interested in accessing banking, real estate, and/or business markets in California, will find a trusted banking partner in Golden State Bank through Ameriabank’s intermediation. Conversely, individuals and companies based in the United States will have access to Ameriabank’s products and services via Golden State Bank’s referrals.

This collaboration is the first such instance between an Armenia-based bank and a US-based commercial banking institution, and will offer unprecedented opportunities to individuals in and from Armenia to buy real estate in California and have access to a wide array of banking services through funding from Golden State Bank, preliminarily applying to Ameriabank. Conversely, Golden State Bank will refer and act as an intermediary for US-based companies and individuals to apply to Ameriabank for the purpose of starting or purchasing businesses and real estate, and many other products and services (distance account opening, cards, deposits, etc.).

“We have good knowledge of and highly respect the Armenian banking sector. We have strong banking relationships in the Armenian-American business community in Los Angeles. We are excited about our new relationship with Ameriabank which is one of the most respected and highly regarded banks in Armenia. We are looking forward to offering our clientele referral services and additional ease to invest and operate in Armenia, which will undoubtedly contribute to economic development and create new jobs in the country, at the same time offering services to entities in the Armenian market to access service areas and markets where Golden State Bank operates,” said Tom Byington, CEO of Golden State Bank.

“I highly value the new cooperation with Golden State Bank which will make it possible to bridge the distance between Armenia and California, enable both banks to expand and boost their business and open up access to real estate markets for businesses and individuals. Our collaboration will facilitate the expansion of cooperation between the two countries, in particular, building new business relationships with an important segment of the Armenian Diaspora”, said Artak Hanesyan, Ameriabank CEO.

“We have launched this cooperation for three main purposes: first, we are establishing partnership with one of Armenia’s biggest and respected banks; second, new opportunities will be created for our clients; and third, a new era of banking cooperation between Armenia and the United States is beginning, as this is the first such link between the banks of the two countries. Also, this cooperation has a great practical potential. The citizens of Armenia can from now on use the California market services via Ameriabank, while the state resources of the Armenian community will be brought to Armenia, including in the form of investments, and will thus benefit the country’s economic development,” Golden State Bank Executive Vice President Viken Alex Hovsepian said.

In response to a question on investments, Hovsepian said it’s not really easy to attract investments into the Armenian market. There are some difficulties that may be solved through this cooperation, he said.

“In addition to technical issues, there’s lack of confidence but the problem is being settled: if a solid California-based bank guarantees security, trust will be established, including in terms of investments,” he noted.

Asked whether the cooperation targets the Armenian community of California alone, Hovsepian said collaboration is first and foremost designed for that contingent, but that they are ready to provide services to other business people and clients alike.

Ameriabank Development Director Tigran Jrbashyan said, in turn, that Ameriabank had been studying the American market opportunities for a long time.

“We believe our services will become more accessible to the Armenian community in California. We are having a cooperation with clear directions, eying promising opportunities for development in the future. The collaboration will include interbank transactions, customer referrals and service offerings,” Jrbashyan said.

He added that the Armenian community of California is the most solvent and one of the biggest markets in terms of demand for banking services.

Golden State Bancorp is the holding company of Golden State Bank. Golden State Bank is a California based full service bank, serving the business, commercial and professional markets. The Bank is committed to meeting the financial needs of its business clients with loans for working capital, equipment, owner-occupied and investment commercial real estate, and a full array of cash management services and deposit products for businesses and their owners. Golden State Bank meets its client’s needs through its head office and branch in Glendale and regional office and branch in Upland.

Ameriabank is a dynamically developing bank and one of the major and most stable financial institutions in Armenia. The first investment bank in Armenia, Ameriabank has been providing a large package of innovative banking services since 2007. Now Ameriabank CJSC is a universal bank offering corporate, investment and retail banking services in a comprehensive package of banking solutions. It is also the largest taxpayer among Armenian banks. Ameriabank is the first bank in Armenia that has exceeded the threshold USD 1 billion in assets since the formation of modern banking system of independent Armenia in 1992.