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Serzh Sargsyan: Formation of new political system is well under way in Armenia

Serzh Sargsyan: "Solution to our problems lies within us"

Serzh Sargsyan: Serious changes will take place in state agencies till 2018

Jirayr Sefilyan: No matter who heads NSS its task will not change

Serzh Sargsyan: Any challenge is an opportunity to revaluate our resources

Serzh Sargsyan holds extended meeting

Armenia's Permanent Representative to OSCE: Baku's demands concerning MG format are destructive and have a negative impact on Karabakh peace process

Raffi Hovannisian calls for political forces to set aside ambitions and organize joint rally on March 1

Andreas Ghukasyan: ODIHR/OSCE report testifies to Republican Party's failure

IFC has proposed to invest 40 million USD in Amulsar construction financing arrangement

Georgi Kutoyan is appointed Director of NSS

Gorik Hakobyan appointed as advisor to Armenian President

Standing Committee on State and Legal Affairs proposed Deputy Justice Minister Arman Tatoyan for Ombudsman's position

Nikolay Bordyuzha: CSTO has nothing to do with Syrian conflict

MP from Prosperous Armenia Party says his party has faced no force majeure situation

Armenian president visits National Security Service

James Warlick: OSCE Minsk Group co-chairs to submit proposals for reducing risk of border clashes

RPA and ARFD refute rumors about refusing future cooperation

NKR Defense Army disclaims Azerbaijan's reports on casualties among Armenian military personnel

Foreign Ministry of Armenia: There are citizens of Armenian among detainees suspected of attacking Armenian family in Istanbul

Sports and Concert Complex after Karen Demirchyan nationalized again

Resumption of military operation in Karabakh conflict zone due to sides' miscalculation or mistake is quite realistic, Richard Mills says

Baku intends to fill lawsuit against companies that "sold weapons to Armenia"

Armenian Deputy FM advises Baku to recognize NKR to get rid of OSCE Minsk Group format

Rosselkhoznadzor refutes reports about the ban on tomato import from Armenia

Two apps for child development created with Beeline support

Moscow: Russian Foreign Ministry to study Russian lawmakers' offer to annul 1921 treaty of friendship with Turkey

Beeline Armenia jointly with "Gates of Motherland" NGO implements "To Soldier From Grandma" project for servicemen of borderline military bases

Baku investigates Victoria Nuland's role in non-adoption of Karabakh resolution in PACE

Rosselkhoznadzor returns 22 tons of tomato paste to Armenia

Current ownership of Russian State Property Management in ordinary shares of VTB Bank is 60.9%

Zaruhi Postanjyan: OSCE/ODIHR report on referendum in Armenia demonstrates lack of confidence in authorities

Zaruhi Postanjyan: Arman Tatoyan will fail to fulfill his responsibilities as Ombudsperson properly

Georgy Kutoyan to be appointed head of National Security Service of Armenia

President Obama proposes a $22,412,000 allocation in economic aid to Armenia in 2017

Azerbaijani Foreign Ministry responds to Armenian Foreign Minister's statement over status quo in Karabakh

Russian Ambassador: Russia is not worried about part of its southern borders, where its partner is Azerbaijan

U.S. Intelligence: Moscow will continue to push for greater regional integration

U.S. Intelligence: Baku's sustained military buildup coupled with declining economic conditions in Azerbaijan raising potential that conflict will escalate in 2016

Orange Armenia encourages safe internet use: Feb 9 is Safe Internet Day

Views from Yerevan: Turkey plays the role of an alpha dog hounded on Russian bear

Armenia among other CIS countries is called to close cyber borders

Forecast: Putin's possible conversation with Erdogan may result in a new phase of tension

Republican Party and ARFD reach consensus around key positions

European Union's foreign policy chief to travel to Armenia

Forecast: Ilham Aliyev will quit "Minsk format" only after Russia or the West gives him guarantees about his power retention

Defense Minister of Armenia recommends former contract officer to keep political neutrality

Swedish Foreign Minister sure Karabakh conflict cannot be settled by force

VivaCell-MTS in cooperation with The Fuller Center for Housing Armenia improve housing conditions of three families in borderland village of Khachik

VivaCell-MTS is the first mobile operator sending SMS messages to its subscribers in Armenian

Regional

Ruben Vardanyan: Mergers, amalgamations and bankruptcies are normal processes for any economy

  • by Elita Babayan

  • Monday, June 2, 20:08

 Mergers, amalgamations and bankruptcies are normal processes that should happen in any economy. Ruben Vardanyan, well-known Russian businessman and philanthropist, the founder of the charitable project on construction of an international business school, told ArmInfo on the heels of the official opening of IDeA Foundation in Dilijan, Sunday, when commenting on the falling profits of banks due to the problems of big business in Armenia.  Vardanyan said that Ameriabank that was founded on the initiative of R. Vardanyan in 2007 - editor's note] shows rather good financial results now. 

"Profits may drop and grow. Maintaining the sustainability of a range of bank operations is what the banks should care for. That is why, I hope that despite all the instabilities in both Armenia and the world economy, successful businessmen will manage the crisis and get out off it as strong as before," Vardanyan said.

According to the Ranking of Armenian Banks prepared by ArmInfo, Armenia completed the Q1 2014 with a decline of retained profits by almost 1/3, mainly to due the problems of the big companies with loan service.  The overdue loans to the real sector keep on growing in the banking system of Armenia.  Overdue construction loans grew nearly fourfold, overdue loans to the sectors of services and public catering grew threefold, amid 23% growth of overdue industrial loans. Overdue loans at 5 banks have exceeded the permissible limit. Banks are reluctant to write off the overdue loans waiting for the better times.

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