Armenia of interest for Russia's banking sector

Armenia is of interest for Russia's banking sector, a result of more intense economic contacts between the two countries. Armenian Central Bank Chairman Tigran Sarkisyan has said this in an interview with Armenia's news agency ARKA. With bilateral economic contacts gathering headway, Russian commercial banks tend to step up co-operation with Armenian partners aiming to facilitate the servicing of financial flows, said Mr Sarkisyan. It is not bank transfers only that are meant by co-operation, but the servicing of Armenia's energy sector, Russian companies dealing in the republic and emerging Armenian-Russian joint companies as well. The bilateral contacts of the present moment are focused on attracting Russian capital into Armenia's banking sector, above all into the International Trade Bank's to boost its assets up to $5 billion, on capitalisation of Yunibank and Areksimbank that specialise both in servicing Russian nationals and companies in Armenia and in transfers. The Armenian Central Bank has confirmed to RIA Novosti that Russia's banking community has shown an interest in buying shares in Nairit-1, Armenia's chemical major.