ACBA-CREDIT AGRICOLE BANK: Armenian banking system leader
PanARMENIAN.Net
02.03.2010 13:54 GMT+04:00
/PanARMENIAN.Net/ Despite financial crisis, ACBA-CREDIT AGRICOLE BANK
succeeded to provide financial growth, winning leading positions in
Armenian banking system.
As the bank’s General Manager Stepan Gishyan told a news conference
in Yerevan, by the end of 2009, bank assets comprised AMD 162 billion
(12.3% out of total banking system in Armenia).
In 2009, the growth of bank’s assets comprised 31,6% compared with
2008 results. The bank’s owned capital comprises 12.7% out of total
Armenian banking system (AMD 35 billion); own capital growth comprised
34.8% compared with 2008.
In 2009, ACBA-CREDIT AGRICOLE BANK profits comprised AMD 4,3 billion,
with a share of 49,6% out of total banking system volume; bank’s
credit portfolio grossed AMD 90 billion (12,2% share), bank’s total
liabilities amounted to AMD 127 billion (12,1% share).
On January 25, 2010, the Financial Ombudsman’s office marked the
close of its first year of operation. During the event, Mrs. Piruz
Sargsyan, Armenia’s Financial Ombudsman, awarded certificates to
financial institutions which stood out for their cooperation with
the Ombudsman’s office. ACBA-CREDIT AGRICOLE BANK was awarded the
"Best Cooperating Bank" title.
Also, starting from January 25, ACBA-CREDIT AGRICOLE BANK allows its
customers to perform transactions with American Express Travellers
Cheques.
The ACBA bank was established in 1996, within TACIS program of the
European Union.
Credit Agricole Consultant consulting service of the French Credit
Agricole bank jointly with Dutch Rabobank and German DG-Agroprogress
companies successfully implemented the three-phase bank establishment
program.
In the first phase of program implementation (1993-1994), a study
on possibilities for financing the Armenian agriculture was carried
out, as a result of which a recommendation was made to establish an
agricultural bank under the model of the European cooperative bank.
In the period between September 1994 and December 1995, the structural
formation of ACBA Bank was accomplished, the main achievement of it
being formation of 60 village cooperation unions. Such unions were
established in four regions of Armenia: Armavir (Edjmiadzin), Ararat
(Artashat), Shirak (Gyumri) and Vayots Dzor (Yeghegnadzor).
The functional establishment (1996) was signalled by creation of
ACBA bank and its three branches, and by the Central Bank of Armenia
issuing a license for practicing banking activities on March 29, 1996.
Long-term and mutually beneficial cooperation between ACBA Bank and
the European leading French banking group Credit Agricole led Credit
Agricole bank group to become the biggest shareholder of ACBA Bank
on September 15, 2006, by making a significant financial investment
into the bank capital. ACBA bank was restructured into closed joint
stock company and renamed ACBA-CREDIT AGRICOLE BANK.