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Banks are the driving power of the economic system, and ARMECONOMBANK improves its on-line and cell techniques yr by yr, which permits us to be aggressive available in the market.
Saribek Sukiasyan, Chairman of the Board of ARMECONOMBANK, stated this throughout his interview with Tert.am.
Mr. Sukiasyan additionally commented on the present growth traits within the Armenian banking sector and quite a lot of economy-related issues.
– Mr. Sukiasyan, applied sciences and data are necessary attributes within the twenty first century. How present is the Armenian banking sector with the brand new developments in IT sector?
– As we speak’s actuality is already unimaginable with out digital applied sciences, and that is very true for the banking sector. As we speak, Armenian banks spare no expense to acquire probably the most superior applied sciences and make customer support extra comfy.
At present, the competitors between Armenian banks is sort of intense. Clients have the chance to match the standard of merchandise, companies, and customer support supplied by banks and choose the monetary establishment that fits their wants the very best.
ARMECONOMBANK spends vital quantities on buy and upkeep of recent applied sciences, improves its on-line and cell techniques yr by yr, which permits us to be aggressive available in the market and meet the calls for of our clients to the utmost extent by increasing the vary of on-line transactions. Now our clients even have the choice to buy digital playing cards.
So as to guarantee the sleek operation of the financial institution, final yr we upgraded the servers, and we constantly buy new technology gear corresponding to steel card embossers, new technology ATMs, and digital signature gear.
– How would you consider ARMECONOMBANK’s function within the growth of the Armenian banking sector? How favorable was the final yr like for the financial institution, what achievements would you spotlight?
– In 2023, the financial institution carried out two profitable placements of shares, which elevated the financial institution’s capital by greater than AMD 3bn, and the variety of shareholders elevated by almost 1200 to succeed in about 7000. That is one other proof of the everlasting confidence in ARMECONOMBANK.
With particular consideration to the right implementation of the anti-money laundering and anti-terrorist financing perform, ARMECONOMBANK launched the Siron software program answer package deal which is at the moment one of the crucial superior and broadly used monetary crime detection platforms on the earth. It’s particularly invaluable in as we speak’s state of affairs the place the sanctions imposed on totally different nations and people are altered daily. Historically, ARMECONOMBANK strictly follows the measures geared toward combating cash laundering and terrorist financing and refrains from servicing any transactions associated to the nations, banks, and clients included in numerous sanction lists.
As for banking merchandise, the financial institution was the primary in Armenia to difficulty Visa Infinite and Visa Platinum steel playing cards which give numerous benefits to clients. We’ve at all times aimed to have a particular place among the many greatest banks that supply unique merchandise.
Final yr the financial institution launched Visa Guru card which gives quite a few advantages, collectively with TEL-CELL CJSC it began issuing co-branded (digital) playing cards, and in addition joined the noncash transaction-based pension and welfare cashback mission. In fact, there have been additionally different new merchandise and tasks which you’ll be able to discover by visiting ARMECONOMBANK’s web site.
– Mr. Sukiasyan, what are any issues within the banking sector of our nation as we speak that require an pressing answer? To what extent do banks contribute to the financial progress of Armenia as we speak?
– Banks are the driving power of the economic system, and it’s merely unimaginable to think about the economic system with out them. Opposite to the opinion of an unlimited section of the neighborhood, all Armenian banks besides the Central Financial institution of Armenia are personal and are for-profit organizations like several enterprise and, being main taxpayers, they significantly contribute to financial progress. As we all know, Armenians historically aspire to personal their very own houses, and that is primarily made attainable because of the dwelling loans supplied by banks.
Banks significantly help startup companies with their mortgage tasks and supply alternatives for additional growth as properly. Enterprise entities, as they create added worth, begin paying taxes. As you’ll be able to see, this can be a chain response during which its contributors contribute to one another’s well-being and all collectively they contribute to the financial progress of the nation.
Certainly, there are occasions of challenges for the nation’s economic system, together with banks, however I have to say that we now have at all times been in a position to preserve the state of affairs beneath management, thereby distinguishing ourselves from neighboring nations the place shock conditions have been way more painful for the nation’s economic system and inhabitants. This, in fact, was significantly facilitated by the truth that the Central Financial institution of Armenia made selections independently with none interference from outdoors.
– In Armenia, the introduction of a common system of earnings declaration for people in a phased method commenced this yr. In your opinion, should not the personal sector even be public when it comes to its databases, particularly because the buildings beneath your administration function by this customary?
– The introduction of the earnings declaration system for people is a vital step certainly, however there are just a few steps that ought to have been taken earlier than the introduction of this technique. Specifically, I confer with main Armenian taxpayer entities, the operations of which needs to be as clear as attainable for the society: they need to publish their steadiness sheet, administration remunerations, impartial auditor’s report, and strategic growth plans for the following 3 years. If these entities have share placements, should not all of this data be accessible to potential buyers, each home and overseas?
In any case, the provision of those situations speaks of an organization’s transparency and its attractiveness for buyers. The investor ought to have the chance to accurately assess the profitability of the funding for himself, for instance, whether or not to position a deposit or purchase shares.
Why can we at all times see the identical entities in high 1000 Armenian taxpayer listing, why don’t small companies in Armenia attempt to show into medium companies, or medium ones into giant ones? This raises many questions. The financial coverage of the state needs to be geared toward contributing to this transformation, in any other case we won’t have progress or we could have very gradual progress charges.
– The federal government of Armenia determined to take over part of the banking liabilities and credit score burden of the Republic of Artsakh. Naturally, all this was accomplished with the help of economic establishments. Mr. Sukiasyan, how would you charge the contribution of the personal sector to this matter?
– The steps taken by the federal government in that tough state of affairs have been high necessary. I by no means anticipated the federal government to take over the losses and make housing preparations for forcibly displaced folks so shortly and successfully. Our worldwide companions have been puzzled how the nation had greater than 100 thousand displaced folks and by no means wanted any tent cities.
As for the contribution of the banks to that case, they took over part of the losses in coordination with the federal government. ARMECONOMBANK, along with such losses, additionally returned the gold pledged within the financial institution to our displaced compatriots in an try and lighten their burden a little bit.
– Succession of generations is necessary for the restoration of any trade. What would you say in regards to the political succession of generations and the significance of the function of younger folks?
– I’m not concerned in politics, and I’ve no want to get entangled both; let the politicians cope with it whereas I keep in my native personal sector. I’ll reply your query solely with regard to the financial sphere. Age will not be necessary, what actually issues is the worker’s data, want and talent to work and create added worth. These are the standards utilized for choosing workers for ARMECONOMBANK.
As we speak the system works and I’m happy with the result; everybody within the Financial institution is knowledgeable. As for myself, I’ve by no means been clinging to my chair, so later I can go away my workplace to a different skilled or one of many youthful members of our household with no fear.
– By the best way, relating to the household: Do you will have the time to be with your loved ones?
– Undoubtedly, regardless of my workload, I at all times find time for my household. I like our giant household, I prefer to spend time with my household because it offers me unbelievable peace, and I prefer to contribute to the lives of kids. It’s true that the principle burden of elevating the household falls on moms, however I consider that the person also needs to have his, even when small, half on this necessary job. For me, household and homeland are a complete that can not be separated. If you happen to love one, you like the opposite.
– Classes realized and present challenges. As we speak, Armenia is going through challenges and exhausting selections. What do you assume is the important thing to overcoming the challenges the nation has been going through?
Solely and solely the event of the economic system, that is what I see as the important thing to success. A rustic with a developed economic system is engaging to buyers, and it’s a nation to be reckoned with because it has issues to supply to the world.
– Armenia’s independence faces threats as we speak. Mr. Sukiasyan, in your opinion, what are the principle methods to safekeep and strengthen the nation’s independence?
– You divert the subject to politics once more; let me reply in a barely totally different means. I might merely say that I do consider that we’ll protect our independence because of our mentality, our concepts and, in fact, our interior transformation. We must always transfer on with the thought of changing into a rustic with a developed economic system, whose actions and opinions are taken under consideration. Independence can solely be preserved by contributions made by all of us, and by our exhausting work. We would not have to like one another, however we do need to compete with one another in free and truthful situations.
– Every of us has a person duty to regenerate our dream homeland each day. It requires dedication within the first place. In your opinion, what’s the worth system that the society will make use of to develop and rebuild our homeland, and what are the weather of this technique?
– The responsibility of regenerating the nation, naturally, implies unconditional dedication, and dedication to your work above all. You need to work, it’s important to pay taxes to make your nation robust and affluent. We should instill a ardour for exhausting work sooner or later generations in order that we will have the homeland of our desires.
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