Russian Credit Bank Begins Operation in Armenia

YEREVAN (Noyan Tapan)–The Rossiski Credit Bank of Russia opened a branch in Armenia Tuesday during ceremonies attended by bank president Vitaly Malkin and Russian Ambassador to Armenia Andrei Ournov.

A press conference was held at the Russian embassy in Yerevan where the chairman of the newly established Rossiski Credit Armenia–Armen Khandkarian was introduced.

It was announced that the bank would provide new financial resources for Armenia–including mortgage plans–credits–loans–credit card services and leasing options.

Capital investmen’s are also expected in the mining industry–gold cultivation and energy sector reforms.

The bank is scheduled to open branches in Yerevan and Gumri. Rossiski Credit-Armenia began operations with $1.1 million capital–which is expected to reach $5 million by the end of the year.

Following the opening ceremonies–Malkin met with Armenian president Robert Kocharian–who expressed satisfaction regarding this Russian-Armenian joint project.

Kocharian ensured that the opening of the bank would greatly benefit efforts to reform and establish the banking industry in Armenia.

Malkin explained that Rossiski Credit–aside from being a bank–also had large holdings in the precious metals industry and was thus interested in exploring Armenia’s natural resources.

The bank chairman’stated that they were encouraged by the Armenian government’s warm posturing toward investors and pledged his company’s active involvement in various government projects–among them the sponsorship of the 1,700th anniversary celebrations of the adoption of Christianity by Armenia.

Kocharian pledged the government’s support in cooperating with Rossiski Credit and ensured that the banking operations would not face any obstacles.

Ournov also took part in the meeting.

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