ACBA Bank
In 2005, ACBA Bank significantly expanded its scope of activities, adding new areas of international trade finance, instant money transfers and debit and credit cards.
Financing of small and medium-sized enterprises (SMEs), as well as agricultural and consumer credits, continue to be its primary business direction, and it significantly increased its loan portfolio and net interest income with assets rising by 45% in 2005 and net profits up by a healthy 80%.
Last year, the bank opened two new branches, bringing its total to 13, and it is expected to open nine new branches this year. Actively involved in microfinance lending, ACBA, unlike other banks in Armenia, is closely involved in both rural and urban areas, installing banking services across all regions of the country. It is also increasing its role in the transfers market along with establishing links with international transfer systems, such as Western Union.
Reflecting strong growth and good performances in recent years, the bank has attracted foreign interest. CEO Stepan Gishyan says: “We are very pleased to announce that ACBA Bank has successfully concluded the negotiations with Crédit Agricole on participation in ACBA’s share capital. Following the negotiations, ACBA Bank has been reorganised into a closed-joint stock company and renamed ACBA-Crédit Agricole Bank.”
