Free Magazine Subscription
ACBA Crédit Agricole
Dynamic Local Bank Ready to Partner with EU Investors
ACBA Crédit Agricole, part of the French Crédit Agricole group since 2006, is ranked number one in Armenia in assets under management, capital, loans, number of ATMs, and profits. The bank was founded 15 years ago by a group of agricultural co-operatives which continue to hold shares; French banking group Crédit Agricole acquired a 28% share of the bank in 2006.
In 2009, ACBA Crédit Agricole had €296 million (US$25 million) in assets under management, and it was the banking sector’s leader in profits in the first nine months of 2009, at a time when other local banks were reporting losses. General Manager, Stepan Gishyan, explains that the bank has built up an extensive network of 36 branches throughout the country and that it is continuing to expand its branch network, product portfolio, and credit and loans capacity. “We are an example of an Armenian success story,” he says.
ACBA Crédit Agricole partners with all the major international organisations operating in Armenia, including the European Bank for Reconstruction and Development (EBRD). “All the credit lines we have received from the EBRD are very successful and the EBRD and all other international lending organisations are very happy with their partnerships with us,” Stepan Gishyan points out.
Reputation for innovation
The bank is known for innovation. It founded Armenia’s first leasing company in 2003 and has helped to upgrade Armenia’s financial sector regulatory environment through proposals it has made to the government. ACBA Crédit Agricole operates according to EU standards and offers the latest products and services. This year it launched its own information communication network, as a strong emphasis is put on leading in technology standards as well.
ACBA Crédit Agricole has a strong record in corporate citizenship, supporting a number of educational and cultural initiatives, and it will continue to spearhead Armenia’s economic growth. “We have not stopped giving credit or loans during the current crisis as other banks have, and we continue to launch new products, including a recent co-operation with American Express. We will be the exclusive partner of American Express in Armenia as of 2010,” Stepan Gishyan says.
The bank is very confident about Armenia’s future. “Armenia offers a good business climate and there is a lot of room for other investors,” Stepan Gishyan says. He welcomes potential investors to count on ACBA Crédit Agricole as their reliable banking partner in Armenia, and concludes, “Our European clients will find no differences between our services and those they can find back home.”