Arka News Agency, Armenia
Feb 23 2007
WESTERN UNION SPECIALIZED UNIT OPENING PROVES ARMENIA’S FINANCIAL
SECTOR DEVELOPMENT
YEREVAN, February 23. /ARKA/. Western Union specialized unit opening
in Armenia is convincing evidence of the country’s financial sector
development, Tigran Sargsyan, chairman of the Central bank of Armenia
said Friday in Yerevan at Wesren Union unit presentation.
The unit opened in Araratbank’s branch. This is the first specialized
unit in Armenia and region.
Sargsyan said he attached so much importance to this event also
because it enlarges variety of banking services.
"New services will be provided to people through Western Union", he
said.
Sargsyan also views the unit opening as another impetus for
intensifying competition in banking sector and thinks it will create
more favorable environment for clients and improve quality of
services.
"Araratbank’s round-the-clock work is unique in banking services
provision area", he said.
Armenian citizens received private transfers equal to AMD 41.2bln
(about $99mln) through Western Union in 2006.
Central Bank head said inflows through this system grew 0.3% from
2005 (or 10.3% in dollars).
In his words, 13.1% of all private transfers received in 2006 in
Armenia came through this system.
The CBA says that besides SWIFT traditional system, as of January 1,
2007, banks were also participating in other international swift
transfer systems – Western Union, Money Gram, Anelik, Unistream,
Bystraya Pochta, Interexpress, Contact, Lider, Migom, Privat Money
Transfer, STB Express and Armenian Express.
Non-banking organizations – Haypost, Contact, Travelex and Stefi as
well as Armenian Express – operated transfers on Armenian Express
system.
Bank Ararat CJSC, heir of Armsvyaz bank, was established in 1991and
obtained banking license in October 1996.
The ban’s shareholder is Flash.
The bank’s assets totaled AMD 8.5bln and credits and other loans made
AMD 2.6bln. The bank’s capital amounted at AMD 3.8bln, its profit at
the bank’s account was AMD 244.3mln and annual profit AMD 908.3mln by
late 2006. ($1 – AMD 353.70). M.V.-0—-
From: Emil Lazarian | Ararat NewsPress
