Regional

Banking and Insurance to be taught at French University in Armenia

  • by Erik Abrahamyan

  • Thursday, May 29, 23:59

 Banking and Insurance specialty will be introduced in the French University in Armenia (UFAR). On May 29, Samvel Chzmachyan, President of the Union of Banks of Armenia, Hakob Andreasyan, CEO at ACBA-Credit Agricole Bank, and UFAR Rector Jean-Jacques Montois gave a press conference timed to the opening of the Banking and Insurance specialty at the UFAR. 

Jean-Jacques Montois said that the specialty has been introduced in the University in partnership with L'Universite Jean Moulin Lyon 3. The graduates are awarded a bachelor's diploma of Armenian type and a French licence. As many as 60 people can be included in the first cohort given the current demand from the financial structures. He added that 80% of the 1300 UFAR graduates have already been placed in job.  Moreover, 30% of them have found a job in the banking and insurance sector of Armenia.        

Samvel Chzmachyan, in turn, said that the introduction of the specified specialty aims to replenish the financial sector with skilled specialists. "Our lasting cooperation with UFAR was built at various levels.  There are UFAR graduates among the employees of our Bank and we are pleased with their knowledge, but in the future we would like to have employees specialized in banking", said Hakob Andreasyan. 

Upon completion of the press conference, the Union of Banks of Armenia and the French University in Armenia concluded an agreement on opening of theBanking and Insurance specialty, while UFAR and ACBA-Credit Agricole Bank agreed to launch cooperation.   

To note, the Armenian Government and L'Universite Jean Moulin Lyon 3 signed the cooperation agreement in February 2001. Since its very first days, UFAR has been a lighthouse of cooperation with France and the backbone of Francophonie in Armenia. UFAR has 3 faculties. 

To recall, "ACBA Credit Agricole Bank" CJSC has been operating in Armenia since 1995. Since September 2006, the majority shareholder of the Bank has been Credit Agricole S.A. with a 15.56% stake.  Another major shareholder, SJSC "Sacam International" (member of Credit Agricole S.A.), has a 12.44% stake. By its key figures, ACBA Credit Agricole Bank was among the top-5 Armenian banks in 2013. 

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