BTA Invest Bank Coop w/Kazakhstan Bank To Promote Mortgage Loans

BTA INVEST BANK’S COOPERATION WITH KAZAKHSTANIAN BANK TO PROMOTE
SECURITIZATION OF MORTGAGE LOANS

YEREVAN, AUGUST 22, NOYAN TAPAN. The cooperation of BTA Invest Bank
with Turan Alem Bank, a Kazakhstanian bank with a successful
experience in mortgage crediting, will promote the seciritization of
mortgage loans and the organization of these securities’ sale on the
international market. Chairman of the Central Bank of Armenia (CBA)
Tigran Sargsian stated this at the presentation of BTA Invest Bank on
August 22. According to him, the competition among commercial banks on
the mortgage market will enable to extend the terms of crediting to 30
years. At present, mortgage credits are provided for the maximum
period of 10 years in Armenia. T. Sargsian said that the RA National
Assembly passed in the first reading the legislative package on
regulation of mortgage market. “Thanks to regulating the legal
relations in this sphere, a favorable environment will be created
first of all for the commercial banks to provide extensive mortgage
loans. Here we also expect the technical and financial assistance of
the German government. It is envisaged that in 2006, it will be
possible to speak about the stabilization of the secondary market,
which in turn will allow to increase the terms of loans,” T. Sargsian
said.

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