Midland Bank to Expand Activities

YEREVAN (Noyan Tapan)–During a meeting between President-elect Robert Kocharian and Director General of the Midland Bank International Department George Cordona on April 6–which was attended by Armenia’s Finance and Economy Minister Armen Darbinian–Central Bank President Tigran Sargssian–General Executive Director of the Midland-Armenia Bank Jeremy Hunt–the sides discussed issues concerning Midland-Armenia Bank’s activities in Armenia and prospects for further expansion of those activities.

According to Kocharian–Armenia is interested in a close cooperation with the bank and wants the bank to take a more active role in the financial market of the country–as well as its economic development.

According to him–the fact that the election campaign had no impact on the state’s financial and economic structures shows that Armenia is stable and can be a reliable partner.

The government is now negotiating with a number of big banks which will soon start their activity in Armenia.

Cordona noted that Midland Bank is going to expand its activity in Armenia.

The Bank is closely cooperating with the Finance and Economy Ministry–Central Bank–and after relevant amendmen’s are made into the law on taxation it will have broader opportunities to work in Armenia. Cordona pointed out that he was well aware of other states’ experience in the field and stressed that the creation of a system of deposit insurance needs careful consideration.

The Bank’s leadership agreed on establishing such a system and considered opening a second branch .

The guests expressed their gratitude for the creation of favorable conditions for the bank’s activities and voiced hope that their frequent meetings will contribute to the activities of the Central Bank.

They were mostly interested in the law on mortgage–in the development of healthy competition within the bank market–deposit insurance and the creation of common payment system.

Sargssian expressed hope that the Midland-Armenia Bank will more actively participate in the development of small businesses in Armenia.

He also stressed the creation of common payment system in Armenia and the participation of commercial banks in the process.

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