Yerevan/Mediamax/. The head of the representation of the European Bank for Reconstruction and Development (EBRD) in Armenia, Valeriu Razlog, said today that the time for the consolidation of the Armenian banking sector has come.

“The necessity of consolidation is conditioned by the fact that the banks should be able to meet today’s challenges, be innovative, offer services at affordable prices and have a wide branch network in all the regions of the country,” Valeriu Razlog said.

He pointed out that the consolidation should by no means undermine the competition in the sector and should not be “implanted from above”, it must be natural. Valeriu Razlog also said that EBRD is ready to render all necessary assistance to the banks.