ARMENIAN GOVERNMENT APPROVED THE NEW DRAFT LAW ON CREDIT ORGANIZATIONS
Mediamax, Armenia
Oct 30 2007
Yerevan, October 30 /Mediamax/. The Armenian government approved the
new draft law on credit organizations.
Mediamax reports that the Chairman of the Central Bank of Armenia
Tigran Sarkisian said this today, speaking at the presentation of the
new office of the Universal Credit organization "SEF International",
located at: 19/19 Yervand Kochar str.
According to Tigran Sarkisian, the draft law extenuates the
requirements for credit organizations and creates conditions for
extending the sphere of their activities. In accordance with the new
draft law, the credit organizations will be able to provide individuals
multi-type credit products, issue bonds, as well as transform into
commercial banks in case they fulfill all the necessary normative
conditions.
Tigran Sarkisian expressed content by the speeds of growth of "SEF
International" in the course of the recent 3 years, stressing that
the assets of the organization increased almost for 2,5 times.
"SEF International" Universal Credit Organization was established
by the International Christian World Vision Organization in 1998,
and was licensed by the Central Bank of Armenia in 2003.
In the course of the 10-year period of its activity, "SEF
International" has provided about 15 thousand credits at the whole
sum of 7bln drams. Following the results f 2007, the Company plans to
make the volume of its credit portfolio reach 1,7bln drams, securing
a growth of over 50%, as compared to 2006.
Besides the Head Office, there are branches of the organization,
functioning in Sisian and Kapan, as well as three representative
offices in Talin, Goris and Meghri.