Acba bank and Proparco, a subsidiary of the French Development Agency (AFD) Group, together with the Governor of the Central Bank of Armenia, Martin Galstyan, reviewed the achievements of their cooperation to date and discussed future plans.

During the meeting, the participants highlighted Acba bank’s strong performance in the field of corporate governance, its management model aligned with international standards, as well as the bank’s prospects for sustainable growth.

“Essentially, the French state is taking part in our bank as a shareholder. New paths for development are opening. These paths are opening both within the Republic and in external markets,” noted Hakob Andreasyan, CEO of Acba bank.

“Proparco’s investment goal is not only institutional but also developmental. We set the task of developing the management system, and together we created an action plan, which the bank successfully implemented. Today, we are happy to note that Proparco’s entry was, first of all, a vote of confidence in Acba and a vote of confidence in Armenia,” noted Raphael Sargsyan, Chairman of Acba bank’s Board.

“As our relationship progressed, we gained a clear understanding of the bank’s management quality and Acba’s contribution to the country. This convinced us to deepen our cooperation and begin discussions about becoming a shareholder,” said Stéphane Froissardey, Deputy Global Head of Private Equity at Proparco.

“The internationally recognized French Development Agency is expressing trust toward us, which means we are on the right path. This process, as well as the presence of new shareholders, will contribute to introducing best practices of corporate governance, and to the sharing of knowledge and skills, which will later help the company grow and become a larger structure. I hope that Proparco will also benefit from this cooperation, as the bank has accumulated significant experience and knowledge. From our side, we are fully ready to support in everything where we can be helpful,” noted Martin Galstyan, Governor of the Central Bank of Armenia.