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Regional

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

  • by Elita Babayan

  • Monday, June 2, 21:08

 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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