Yerevan/Mediamax/. State Committee for the Protection of Economic Competition (SCPEC) of Armenia met the request of “Washington Capital” and “Credit Union” Credit Organizations for merger.

Mediamax was informed in the press service of SCPEC that at the session on September 29, the Committee gave permission for the merger deal, taking into account the fact that, according to its conclusion, the new credit organization to be founded as a result of the deal will not occupy a dominating position in any segment of Armenian financial market.

Executive Director of “Washington Capital” UCO Armen Khachyan informed Mediamax correspondent that the details of the deal are at the stage of discussion between the shareholders of both credit organizations and will be announced after completion of the negotiations. According to him, it is not known yet what the name of the new UCO will be.

“Washington Capital” UCO has been functioning in Armenia since 2005. The only founder of the company is businessman Serzh Gharibyan, residing in the USA. The main sphere of the company’s activity is mortgage crediting market. “Washington Capital” is affiliated to “Washington Capital” Real Estate Financial Group, which has been functioning for already over 25 years in the USA, and “American General Mortgage Corporation” Company.

“Credit Union” UCO received the license of the Central Bank (CB) of Armenia at the end of last year.