European Bank for Reconstruction and Development (EBRD) supports the idea of banking system consolidation in Armenia.

As the head of EBRD Yerevan Office Valeriu Razlog told a news conference in Yerevan, “local banks must respond to current challenges through implementation of new tools, affordable services and vast network of subsidiaries.”

However, Mr. Razlog noted, “commercial banks must accept the idea of consolidation without external pressure, with EBRD ready to render assistance in the process.”