ACBA-CREDIT AGRICOLE BANK Information

The ACBA bank was established in 1996, within TACIS program of the European Union. Credit Agricole Consultant consulting service of the French Credit Agricole bank jointly with Dutch Rabobank and German DG-Agroprogress companies successfully implemented the three-phase bank establishment program. In the first phase of the program implementation (1993-1994), a study on possibilities for financing the Armenian agriculture was carried out, as a result of which a recommendation was made to establish an agricultural bank under the model of the European cooperative bank. The functional establishment (1996) was signaled by creation of ACBA bank and its three branches, and by the Central Bank of Armenia issuing a license for practicing banking activities on March 29, 1996. Long-term and mutually beneficial cooperation between ACBA Bank and the European leading French banking group Credit Agricole led Credit Agricole bank group to become the biggest shareholder of ACBA Bank on September 15, 2006, by making a significant financial investment into the bank capital. ACBA bank was restructured, becoming a closed joint stock company and it was renamed ACBA-CREDIT AGRICOLE BANK.