Yerevan, February 5 /Mediamax/. In 2007, the banking sector of Armenia expects an inflow of foreign investments, Chairman of the Armenian Central Bank (CB) Tigran Sarkisian stated in Yerevan today.

Mediamax reports that speaking at a news conference in Yerevan today; Tigran Sarkisian stated that the corresponding claim from the German financial companies is already under consideration of CB.

According to the CB Chairman, the activization of the commercial banks in Armenia as to attracting foreign investments is reasoned by the growing competition. According to Tigran Sarkisian, in 2006, a brand like “Credit Agricole” entered the Armenian banking market, which made other banks reconsider their strategies.

Tigran Sarkisian also singled out the policy of “HSBC Bank Armenia”, which occupies the first place among Armenian banks as to the crediting volumes.

Tigran Sarkisian also stated that the Armenian Central Bank will create auspicious conditions for well-known international companies to arrive in the Armenian insurance market.

According to him, up till now there has been no international company registered on the Armenian insurance market, which is an evidence of weaknesses present in the legislation.

Tigran Sarkisian said that in accordance with the development conception of the Armenian insurance market, the CB will continue “cleaning” the market and implementing European standards.