Midland Armenia Bank Broadens Clientele

YEREVAN (Noyan Tapan)In the coming months Midland-Armenia Bank will broaden its client base to include foreign businessmen who will bring new investmen’s and new technologies to Armenia–according to bank executive David Budd.

New customers from Hong Kong and other Asian countries are expected to arrive in Armenia to discuss the details.

Budd also announced that this year the bank will start allocating long-term credits–but stressed importance of adopting a law on collateral.

Over a 10-month period–Midland-Armenia has allocated 30 short-term loans–Budd said.

"Midland-Armenia" Bank is also likely to get involved with the World Bank credit program to develop a private sector in Armenia. The bank has also shown interest in establishing a private investmen’s financial corporation," he said.

Budd–who has been managing the bank since its opening in Armenia–will leave the country next week. He will be replaced by Jeremy Hunt.

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