Armenian banking system open to new actors – Bank CEO

PanARMENIAN.Net - Armenian commercial banks are taking the entry of Rietumu Banka to country’s banking system in their stride, according to ACBA-Credit Agricole Bank CEO.

At Nov 30 news conference Stepan Gishyan noted the competition in Armenia’s banking system as strained enough. “Armenian banking system is open to new players. With operating banks struggling to survive, the newcomers will have enough problems on their hands,” he said.

According to a decree signed by chairman of the Central Bank of Armenia (CBA) Arthur Javadyan, a representation of Rietumu Banka joint-stock company was registered in the republic.

Rietumu Banka is a Latvian commercial bank that was established in 1992. It is one of the largest private banks in the Baltic States, specializing in corporate and private banking. It is headquartered in Riga.

The Bank is well represented in the global market, providing a full range of financial services to customers all over Europe, the Baltic States, Russia, Ukraine, Belarus, and other regions. Apart from traditional banking services, such as crediting, financing trade operations, deposits and international payments, the Bank provides consulting services (including tax consultations), brokerage services, asset management, consulting, and assistance in obtaining a residence permit in Latvia, as well as offering deluxe credit cards.