Mon, 8 September
19.1 C
Yerevan
USD: 384.03 RUB: 4.80 EUR: 443.29 GEL: 142.29 GBP: 510.11

Additional capital inflow into Armenia’s banking sector in 2013 is inevitable: Gusev says

YEREVAN, October 26. / ARKA /. Without  inflow of additional capital in 2013 Armenia’s banking system would simply stop, according to Yuri Gusev, the acting chairman of the Russian-owned VTB Bank (Armenia), who told ARKA that additional capital is important because consolidation alone will not resolve the regulatory capital problem.

He said the regulatory capital of virtually all banks is at the breaking point, especially of the top five banks. “I believe that the banking sector will benefit from consolidation,” Gusev said. He also argued  that Armenia does not need 21 commercial banks which are too many given the size and volume of its economy.

Regarding VTB Bank (Armenia), Gusev said the VTB Group is ready to support its capital adequacy  level.

Mikhail Yakunin, head of a VTB Group department in charge of subsidiaries, said the main objective for the Bank is to comply with all existing standards no matter where its subsidiaries are.
VTB Bank (Armenia) was acquired by Russian VTB Group in 2004. The Armenian bank is now fully owned by VTB Bank, which is the second largest in Russia. The Armenian bank runs 69 branches across the country, more than any other bank. -0-

spot_img

POPULAR

ACBA Federation promotes rural tourism in Armenia: the success story of Manana guest house (video)

Four years prior, Astghik Ghazaryan, a professional educator, established the Manana guest house in her hometown of Marmarik.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Freedom Broker Armenia ranks as one of the largest taxpayer in Armenia

Freedom Broker Armenia has been recognized as one of the largest taxpayers in the country, underscoring its leadership in the investment sector and commitment to sustainable business practices.

Armenia to receive 45.3 million euros from ADB to improve healthcare quality

Armenia will receive 45.3 million euros from the Asian Development Bank (ADB) to improve healthcare quality, said First Deputy Minister of Health of the Republic of Armenia Lena Nanushyan during a meeting of the parliamentary standing committee on financial, credit and budgetary issues.

The UAE instead of Europe : why Armenia needs to change its approach to crypto regulation – EXCLUSIVE

The Armenian Forum on Cryptocurrency Assets, organized by the Cilicia Business Club, was recently conducted in Yerevan.

LATEST NEWS

spot_imgspot_imgspot_img