Armenia needs hedging instrument

March 2, 2010 - 18:18 AMT

PanARMENIAN.Net - Provided a small monetary base in Armenian commercial banks, a certain hedging instrument is reqiured for Armenia, Chief Executive Officer of ACBA-CREDIT AGRICOLE BANK Stepan Gishyan said.

According to him, international hedge funds experienced difficulties during the crisis and 2009 was not the best year for establishing such a fund in Armenia. "Armenia's monetary base is not sufficient yet, and banks are forced to attract cash in foreign currency to meet the credit needs of its customers,'' he said.

ACBA -CREDIT AGRICOLE

ACBA -CREDIT AGRICOLE BANK CJSC was founded in 1996 within the framework of the European Union's TACIS program by the model of European cooperative banks.

License N70 of the Central Bank of the Republic of Armenia issued on 29 March1996.

Initially, activity of the bank was targeted to financing rural economies of Armenia. Since 1999 the bank has started providing loans to small and medium enterprises, since 2001 - consumer loans and since 2003 - education loans.
ACBA-CREDIT AGRICOLE BANK CJSC is the member of SWIFT system, the principle member of the international VISA payment system, the shareholder of "ArCa" CJSC and the member of "ArCa" payment system.

At present the bank provides varied universal banking services: opening and service of banking accounts, funds transfer, issuance of personal check books, currency exchange, issuance of bank guarantees, documentary credits, trade, agricultural, collateral, mortgage, consumer loans, as well as loans for education, repairs and heating, issuance and service of VISA international plastic cards and domestic ArCA, reception of household running costs, system management via ACBA ON-Line.

In September 2006 the French Credit Agricole Banking Group purchased 28% shares of the Agricultural Cooperative Bank of Armenia [ACBA Bank], and the ACBA Bank was renamed to ACBA Credit Agricole Bank.

"ACBA-CREDIT AGRICOLE BANK" CJSC received a Principle Membership License and a Merchant Acquiring License from the Visa International Service Association.

ACBA-CREDIT AGRICOLE BANK CJSC ACBA is the member of the Confédération Internationale du Crédit Agricole (International Confederation for Agricultural Credit - CICA), the member of the Union of Banks of Armenia (UBA).
The bank has 36 branches (including the Head office): 6 - in Yerevan, the rest in the 10 marzes of Armenia.