Yerevan, October 7, /ARKA/. Head of the Union of Armenian Banks, Samvel Chzmachyan, has welcomed a possible arrival of new Russian players to Armenia’s banking sector. Speaking to reporters he said to the best of his knowledge a couple of Russian banks were exploring chances of either buying stock of local banks or opening their branches here.
In his words, the arrival of new Russian banks to the Armenian market would bring additional resources and boost also competition.
‘Unequivocally this will benefit Armenia’s interests because a sound competition usually results in lower interest rates,’ he said.
In comments on the possible impact of Armenia’s anticipated membership in the Customs Union on the banking system of Armenia he said it will be very small. He said also Armenia’s accession to the Russia-led Customs Union is vitally important and is a correct move.
According to Armenia’s Central Bank, in 2012 Russian banks accounted for 15.3 percent of charter capitals of Armenia-based banks. EU member countries accounted for 31.6 percent. According to official data, non-residents account for over 73 percent of charter capital of Armenia-based banks. -0-