Russian Banks are Entering the Armenian Market

MOSCOW (Segodnya)–Russia’s key commercial lending institutions are trying Armenia’s banking sector for size.

Russia’s foremost banks Inkombank and ONEXIMbank are looking to break in the Armenian market.

The banks could have a stake in the capitals of local banks–among other things–according to the Armenian Central Bank’s banking supervision department officials.

For the time being–the only big Russian bank operating in Armenia is MENATEP-Yerevan–a subsidiary of the Russian commercial bank MENATEP. The latter is now consulting with one of Armenia’s key lending institutions–Ardshinbank [Industry and construction bank]–to buy 27.5 percent of its stock.

In another development on the banking scene in Armenia–the Rossiiski Kredit-Armenia bank is set to receive its license shortly.

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