Central bank chairman says another bank merger expected

Banks

YEREVAN, May 19. /ARKA/. Armenian Central Bank chairman Artur Javadyan announced today an imminent merger of two more banks when presenting the regulator’s report on the implementation of the 2015 monetary policy to parliament.

There are 20 commercial banks in Armenia now. ProCredit Bank was acquired last year by Inecobank. The regulator confirmed also the pre-merger agreement of BTA Bank and Armeconombank.

Javadyan declined to name the banks which are going to merge and the date when it may happen.
In late 2014 Armenia’s Central Bank raised the minimum amount of commercial banks’ total capital to 30 billion drams from 5 billion drams, to be effective from January 1, 2017.

The measure is aimed at encouraging mergers and consolidation of banks, which is expected to create a sound competitive environment and make banking services more available. ($1 – 478 drams). -0-

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