ACBA-CREDIT AGRICOLE BANK

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 e 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. 


  In the period between September 1994 and December 1995, the structural formation of ACBA Bank was accomplished, the main achievement of it being formation of 60 village cooperation unions. Such unions were established in four regions of Armenia: Armavir (Edjmiadzin), Ararat (Artashat), Shirak (Gyumri) and Vayots Dzor (Yeghegnadzor).

  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.