Central bank of Armenia to support commercial banks consolidation

YEREVAN, December 30. / ARKA /. Central Bank of Armenia supports the consolidation of commercial banks, the deputy chairman of the Central Bank of Armenia Vache Gabrielyan said on Tuesday, commenting on the rumors about a possible merger of some banks.

"Our policy is that we are supporters of the consolidation of banks, and if there is such a trend, we will assist in the merger," Gabrielyan said.

Deputy Chair of the Central Bank found it difficult to say whether it is worth to expect such trends in 2010, stressing that everything will depend on economic subjects.

"In our view this is desirable, since the consolidation of the banking system will lead to a number of positive effects, including reduction of interest rates," Gabrielyan said.

Regarding the possible release of new banks in the Armenian financial market, then according to the deputy chairman of the Central Bank, there aren't any clear-cut applications, but such a possibility is not excluded, since many parties periodically turn for information in the CB.

"However, there is no information about the entrance of new banks in the Armenian market," Gabrielyan said.--0-