ARMENIA
The banking system in Armenia cannot compete with the history and traditions of the financial sector in Switzerland or, for example, with the popularity of banking institutions in Cyprus. At the same time, the country’s financial sector has been remarkably stable and has shown a high rate of development, especially in the last decade. Among the reasons for the growing popularity of Armenian banks, experts name the tightening of the policy of the European supervisory authorities, especially after the imposition of sanctions against the Russian Federation. That is why, in the era of total sanctions, Armenia can confidently be called a kind of “safe haven” where one can open a personal or corporate bank account.
The country is determined to attract funds from abroad, develop its banking sector and bring it up to international standards. There are currently 20 banks operating in Armenia, namely: Ameriabank, VTB Armenia, Mellat Bank, ACBA-Credit Agricole Bank, Converse Bank, Armbusinessbank and others.
