Yerevan, September 26 /Mediamax/. The French Credit Agricole Banking Group purchased 28% shares of the Agricultural Cooperative Bank of Armenia [ACBA Bank], which is now named ACBA Credit Agricole Bank.

As the General Director of the ACBA Bank Stepan Gishian stated at a news conference in Yerevan today, the cost of the deal made 2, 8bln AMD. After the investments by the Credit Agricole, the authorized capital stock made 10bln AMD.

ACBA-Bank cooperates with the French Banking Group for already 12 years and it was created following the model of Credit Agricole banking group.

The Chairman of the Central Bank of Armenia Tigran Sarkisian stated today that the entrance of the transnational Credit Agricole brand into the Armenian market will serve as a serious stimulus for the development of the banking sector of the republic.

According to the CB Head, the banking system of Armenia is attractive for foreign investors. Tigran Sarkisian said that the arrival of foreign investors stimulates the competition among the Armenian banks.

The Chairman of the Central Bank noted that from now on two world-famous brands exist on the Armenian banking market - HSBC and Credit Agricole.