Acba bank and France’s Proparco to continue strengthening their long-term strategic partnership

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.

Acba bank is supervised by the Central Bank of Armenia.

Contacts (Proparco): presse@proparco.fr, pr@acba.am (Acba bank)

About

Proparco is a subsidiary of the Agence française de développement group (AFD), and has been working alongside private-sector players for over 45 years, in favour of a fairer and more sustainable world. With an international network of 23 local offices, Proparco works closely with its partners in order to build sustainable solutions to environmental and social challenges in Africa, the Middle East, Asia and Latin America. Proparco has sector-specific expertise, a diversified range of financial tools adapted to the different stages of a company's development, notably through its subsidiary Digital Africa, and a technical support offer, Propulse, to leverage the impact and performance of its partners.

With its new 2023-2027 strategy “Acting together for greater impact”, Proparco is exploring, strengthening and amplifying its modes of intervention with its partners. Find out more: https://www.proparco.fr/fr/strategie.

For more information: http://www.proparco.fr | @Proparco | LinkedIn

Acba bank is one of the leading financiers of Armenia’s economy and the absolute leader in financing the country’s agricultural sector. The bank continuously expands and enhances the scope and quality of its financial services, contributing to Armenia’s economic stability and development. Acba bank is the founder and 100% shareholder of Acba Leasing, the first leasing company in Armenia, and, together with Amundi, Europe’s leading asset manager, has established Amundi-Acba Asset Management in Armenia. Acba bank operates across all regions of Armenia with 66 branches and has more than 5,000 shareholders.

For more information: https://www.acba.am/en/ Linkedin