Banks http://www.banks.am/ Բիզնես լուրեր Հայաստանից, ֆինանսական լուրեր, բանկեր, աշխատատեղեր, դոլար, եվրո, փոխարժեքներ en-us Thu, 17 Sep 2026 21:50:45 +0400 <![CDATA[ The Golden Bridge to Monetary Multipolarity ]]> https://banks.am/en/news/articles/31247 https://banks.am/en/news/articles/31247 Hippolyte Fofack is a former chief economist at the African Export-Import Bank.

One clear sign of de-dollarization and the shift toward a multipolar monetary order is gold’s renewed prominence in global financial markets. Investors increasingly view the metal as a strategic asset; central banks are buying record amounts of it to bolster resilience against financial and geopolitical risks, with last year marking the fourth-largest expansion of gold reserves on record. The Dutch central bank’s decision to move much of its gold reserves out of the United States, citing “geopolitical unrest,” is but the latest example of this trend.

Market reactions to US Treasury Secretary Scott Bessent’s intervention in bond markets after the sharp selloff in longer-dated US debt and the resulting higher yields in the usually quiet month of August further support the perception of gold as the ultimate safe-haven asset. Bessent’s intervention sparked a sharp drop in the dollar and a massive rally in gold prices.

This follows the European Central Bank’s confirmation in June that gold had overtaken US Treasuries as the world’s top reserve asset. That status seems likely to harden and spread. According to a recent survey by the Official Monetary and Financial Institutions Forum, more central banks plan to decrease their dollar holdings than to increase them over the next decade. The World Gold Council’s 2026 Central Bank Gold Reserves survey reports similar findings, with 74% of respondents anticipating moderate or significantly lower dollar reserves over the next five years.

Scott Bessent

It is, of course, unlikely that a new global monetary hegemon will replace the dollar any time soon, especially in a digital age marked by rapid technological diffusion and increasing dispersion of economic power. Instead, the slow retreat from the greenback signals the emergence of a more diversified international monetary system in which several currencies—the dollar, the euro, and the renminbi—play important roles, particularly in central-bank reserve holdings. In such a system, gold serves as the politically neutral reserve asset linking competing monetary blocs.

Central banks, sovereign wealth funds, and institutional investors have begun to prioritize capital preservation over high returns, mainly because high-yield investments lose their appeal if the underlying assets are at risk of becoming inaccessible during periods of conflict or instability. Gold, whose relationship with the dollar’s trade-weighted exchange rate is typically negative, carries no sovereign counterparty risk, making it a superior hedge against the challenges of a rogue America and geopolitical turbulence.

Geopolitical risks have transformed the international monetary system from a neutral infrastructure that facilitates global commerce and cross-border investment into an arena of strategic competition, fundamentally altering the risk-return balance and elevating national security from a peripheral concern to a threshold condition for investment decisions. Strong demand for gold reflects a broader transformation in global finance, marked by a shift from financial claims to tangible ownership, from efficiency to resilience, and from dependence on a single reserve currency to a more diversified and strategically balanced monetary order.

This reassessment of sovereign risk has certainly influenced the People’s Bank of China’s reserve strategy. In July, the PBOC increased its gold reserves for the 21st consecutive month to 76.08 million troy ounces. Meanwhile, China is building up its physical gold inventories in Hong Kong, which recently launched a gold clearing and settlement system on a trial basis, and has limited retail investors’ access to precious-metals trading.

China’s shift toward holding physical gold underscores the evolution of the metal’s function, from a financial asset to a strategic monetary asset. In addition to reducing dollar exposure, gold’s larger role in the management of the country’s currency reserves also promises to strengthen trust in the renminbi and reinforce confidence in the PBOC’s balance sheet. It also seems aimed at boosting efforts to facilitate the renminbi’s broader use, including through bilateral currency-swap agreements, trade-settlement mechanisms, and debt issuances, with the market for renminbi-denominated debt instruments (offshore “dim sum” and onshore “panda” bonds) rapidly expanding.


But China’s push to promote the renminbi does not mean that the currency is capable of unseating the dollar. The renminbi remains subject to capital controls and lacks the financial depth to compete with the greenback globally.

Similarly, recent initiatives to internationalize the euro, most notably the expansion of the enhanced Eurosystem repo facility for central banks and the growing issuance of euro-denominated debt, have been relatively successful, with it becoming the leading currency in the green and sustainable international bond market in 2025. But still, the euro cannot hope to fill the dollar’s global shoes, owing to structural and institutional barriers, notably the lack of a unified fiscal policy and deep, seamless capital markets.

Even so, gold complements the rise of rival currencies and supports diversification by providing a common store of value that is accepted without regard to geopolitical alignment or other monetary arrangements. Thus, its ascent reflects efforts—including local-currency settlement between BRICS members and cross-border payment systems in Asia and elsewhere—to deepen regional integration and reduce dependence on the dollar for trade and investment.

Digital technologies that enable the circumvention of traditional correspondent banking networks add another dimension to gold’s renewed relevance. Central bank digital currencies and real-time payment infrastructure enable the creation of a decentralized monetary system in which multiple currencies coexist, forming the backbone of a new global financial system for the digital age. Yet technology cannot replace the need for trust: gold continues to provide the universal credibility that underpins confidence during periods of structural change.


While conventional wisdom that “there is no alternative” to the dollar still holds, the process of de-dollarization was never expected to be abrupt. Global redistribution of monetary influence will almost surely be gradual and cumulative, mirroring the realignment of economic power.

The case for gold—the ultimate neutral reserve asset, trusted by all countries and controlled by none—as a shield against geopolitical and financial shocks remains undeniable. But it is hardly the only reason for embracing the metal. In the face of a huge technological revolution and a global economic reordering, authorities are also seeking to strengthen their monetary sovereignty and end reliance on any single reserve currency.

This structural transformation of the international monetary system is the deeper and more enduring driver of demand for gold, suggesting that strong demand for the metal, which serves as the natural bridge to monetary multipolarity, is here to stay. As Shakespeare’s Cloten rightly observes about gold in Cymbeline: “what can it not do and undo?”

Copyright: Project Syndicate, 2026.
www.project-syndicate.org  ]]> Thu, 17 Sep 2026 17:53:00 +0400 <![CDATA[ Unibank becomes title sponsor of Alashkert Football Club ]]> https://banks.am/en/news/newsfeed/31250 https://banks.am/en/news/newsfeed/31250 Unibank and a four-time champion of Armenia “Alashkert” Football Club, have expanded their partnership, with the bank becoming the club’s title sponsor. 
The bank reported that the partnership is aimed at supporting the club’s further development and creating the conditions necessary to achieve new and significant success on both the national and international stage.
 
“Supporting sports is an important part of Unibank’s corporate social responsibility. For many years, the bank has contributed to the development of professional sports in Armenia through an extensive sponsorship program covering football, futsal, wrestling, and cycling. 

Unibank places particular importance on initiatives that not only help Armenian athletes achieve strong results but also promote sports and healthy lifestyles among young people.

The partnership between Unibank and “Alashkert” FC reflects shared values: a commitment to development, continuous progress, and the pursuit of high performance,” the bank said in a news release.

Throughout its 15-year history, “Alashkert” FC has won the Armenian championship four times, the Armenian Cup once, and the Armenian Super Cup three times. “Alashkert” was the first Armenian football club to compete in the group stage of a European club competition. ]]> Thu, 17 Sep 2026 16:19:00 +0400 <![CDATA[ “The Power of One Dram” – general partner of the “Climate Change and Women” Awards ]]> https://banks.am/en/news/newsfeed/31249 https://banks.am/en/news/newsfeed/31249 The August beneficiary of “The Power of One Dram” initiative was “Orran” Charitable Non-Governmental Organization. Thanks to the accumulated AMD 4,719,020, the child beneficiaries of the organization started the academic year fully prepared, equipped with the necessary school clothing and stationery.
The funds collected throughout September through “The Power of One Dram” initiative will be directed toward organizing the “Climate Change and Women” Awards. The initiative aims to recognize, highlight, and raise the visibility of women’s leadership and contributions in combating climate change and preserving biodiversity.

Within the framework of COP17, the “Climate Change and Women” award ceremony is being held in cooperation with the “Women in Climate and Energy” (WiCE) NGO, the OxYGen Foundation, the United Nations Development Programme (UNDP), the CBD Women’s Caucus, and the Ministry of Environment of the Republic of Armenia.

Tatevik Vardevanyan, Head of the Communication and Sustainable Development Department at Idram and IDBank, highlighted the importance and long-term potential of the initiative.

“Environmental protection and sustainable development are among the core directions of “The Power of One Dram”, therefore this program completely reflects our core values. We are pleased to support an initiative that emphasizes the indispensable efforts of women in the fight against climate change and biodiversity preservation. Idram and IDBank continue to support initiatives that not only address vital issues but are also directed toward finding practical solutions and ensuring a sustainable future,” stated Tatevik Vardevanyan.

According to Nune Sakanyan, Founder and Director of the “Women in Climate and Energy” NGO, the initiative serves as an important platform for making women’s work visible and highlighting their role.

“We are glad that “The Power of One Dram” initiative is the general partner for the COP17 special edition of the “Climate Change and Women” Awards. This support is key to implementing the initiative, recognizing the value of women’s leadership, and promoting effective environmental solutions. We are grateful for valuable collaboration and for emphasizing the concept of equal opportunities,” noted Nune Sakanyan.

“The Power of One Dram” initiative continues to support impactful social, community, and educational projects. To become part of the initiative’s good deeds, payments should be made via the Idram&IDBank app, the IDBanking.am and banking.idram.am online platforms, or Idram and IDBank payment terminals. For every payment made, the companies donate one Armenian dram toward the implementation of important projects.

IDBank and Idram are supervised by the CBA. ]]> Thu, 17 Sep 2026 16:01:00 +0400 <![CDATA[ Ineco Group enters the EU banking market with the acquisition of a majority stake in Slovenia’s LON Bank ]]> https://banks.am/en/news/newsfeed/31243 https://banks.am/en/news/newsfeed/31243 Ineco Group, the parent company of Inecobank, one of Armenia’s largest banks, has reached a major milestone in its international growth by signing a Share Purchase Agreement (SPA) to acquire a majority stake in Slovenia’s Hranilnica LON. 
The transaction marks Ineco Group’s entry into the Slovenian and European Union banking markets, taking the Group’s international expansion to a new level. Hranilnica LON is a well-established Slovenian bank with nearly three decades of history, a strong reputation, and a full banking license. 

The transaction is expected to close upon receipt of all required regulatory approvals from the Bank of Slovenia, the European Central Bank (ECB), and other relevant state and regulatory authorities.
 
“Today, Ineco Group has reached one of the most important milestones in its development. In terms of significance, this is perhaps the most consequential event in our journey to date and, at the same time, a historic moment for Armenia. We are entering a market of nearly 550 million people, opening an entirely new scale of growth and opportunity for us,” said Davit Baloyan, CEO of Ineco Group. 

The acquisition of a majority stake in LON Bank is the latest step in Ineco Group’s international expansion strategy, launched three years ago. Today, the Group operates across more than 10 markets. 

“This transaction is a continuation of the international expansion strategy we launched three years ago. Today, Ineco Group operates in more than 10 markets, from Central Asia to the European Union. Our ambition is to continue this growth journey and, over time, bring our services and products to millions of customers,” added Davit Baloyan. 

Hranilnica LON has also issued an official statement regarding the transaction. Dr. Imre Balogh, CEO of Hranilnica LON, emphasized the significance of the transaction for the bank’s future development, noting that it will strengthen LON and create new opportunities for growth in Slovenia and across the European Union. 

About Ineco Group 

Ineco Group CJSC is an Armenia-based financial services group. The Group includes Inecobank, one of Armenia’s largest banks; Dimension Investments, an investment services company; and Highway, one of the region’s leading IT companies. 

About Hranilnica LON d.d. 

Established in 1992 and headquartered in Kranj, HranilnicaLON d.d. is Slovenia’s 11th-largest commercial bank, with approximately EUR 350million in total assets. The bank serves approximately 20,000 customers through anationwide branch network and modern digital channels, providing a broad rangeof banking services to retail customers, small and medium-sized enterprises(SMEs), and corporate clients. LON maintains a strong focus on financial stability, prudentcredit risk management, and a robust capital position.
 ]]> Wed, 16 Sep 2026 14:43:00 +0400 <![CDATA[ IDBank in Monaco: Armenian Financial Innovation on a Prestigious International Stage ]]> https://banks.am/en/news/newsfeed/31242 https://banks.am/en/news/newsfeed/31242 During the two-day exhibition held in Monte Carlo, Armenia and Armenian products were showcased to the international community, ranging from fine jewelry and diamond manufacturing to innovative banking solutions.
The annual ''Days of Armenia in Monaco'' events have been established as a long-term initiative aimed at showcasing Armenia's cultural, economic, and creative potential on the international stage.

As the event’s financial and banking partner, IDBank introduced visitors to its modern banking toolkit, Premium Banking solutions, and exclusive services for compatriots living abroad.

According to Lida Safaryan, Premium Banking Director at IDBank, the Premium service, which has been operating for 9 years now, is built on a personalized approach and long-term collaboration with clients. 

"We are delighted to see such strong interest among visitors in the services and innovative solutions offered by the bank. This event gave us the opportunity to meet our clients, engage with them directly, and gain a deeper understanding of their needs and expectations. IDBank's Premium Banking represents a combination of a tailored approach and wide-ranging capabilities; it offers high-class financial services, continuous support from a Personal Manager, as well as numerous privileges - from business and daily life to travel and leisure," said Lida Safaryan.

Following the opening of its representative office in the US, IDBank continues to serve as a key financial bridge between Armenia and the Diaspora. This exhibition proved once again that Armenian brands and financial solutions are well-positioned to present themselves at the highest level on premier international platforms.

The bank is supervised by THE CBA. ]]> Wed, 16 Sep 2026 14:01:00 +0400 <![CDATA[ Unibank call center now available 24/7 on weekdays ]]> https://banks.am/en/news/newsfeed/31241 https://banks.am/en/news/newsfeed/31241 Unibank has extended the call center’s operating hours, making customer support even more accessible. 
The bank’s call center is now available 24 hours a day from Monday through Friday and from 10:00 a.m. to 10:00 p.m. on Saturdays and Sundays. The new schedule allows customers to contact the bank for information and support at a time that is convenient for them.
 
“Extending the call center’s operating hours is another step toward improving the accessibility and quality of banking services. Unibank continues to develop its remote service channels, taking into account customers’ needs and the nature of their inquiries. 

With many banking services now available online 24/7, it is important for the bank to ensure that customers can also receive the proper information and support whenever they need it. The new operating hours are particularly convenient for Unibank customers who are outside Armenia or in different time zones, allowing them to contact the bank for assistance at any time of day on weekdays, from anywhere in the world,” the news release reads.
 
Customers can contact the Unibank call center at +374 10 71 22 22 and +374 10 59 55 55. ]]> Wed, 16 Sep 2026 09:43:00 +0400 <![CDATA[ IDBank-Visa-Wizz Air: New generation travel benefits in Armenia ]]> https://banks.am/en/news/newsfeed/31237 https://banks.am/en/news/newsfeed/31237 IDBank joined Visa and Wizz Air to introduce a new level of travel experience in Armenia, officially launching the IDBank Visa Wizz Air co-branded Platinum travel card. 
Representatives of IDBank, Visa and Wizz Air attended the launch ceremony, highlighting the importance of developing innovative travel solutions and enhancing the customer experience in the Armenian market.   

Introducing the first card of its kind in the CIS and Southeastern Europe region to offer exclusive travel privileges, Mher Abrahamyan, Chairman of the Board of IDBank, emphasized that it combines high international standards, wide travel opportunities and clear financial benefits.

Mher Abrahamyan

“Customer-centricity lies at the core of IDBank’s strategy. For us, it is immensely important that each international initiative transforms into a solution that enhances our customers’ quality of life. The Visa-Wizz Air card is the exact realization of this vision: it goes beyond traditional cashback, delivering real value and comfort throughout the entire journey – from the airport and the flight to discovering new horizons,” noted Mher Abrahamyan.

“I am thrilled to announce the launch of Armenia’s first co-branded travel card, designed exclusively for the modern traveler in partnership with Wizz Air and IDBank. The card represents a pioneering step in our mission to redefine the travel experience and advance tourism in Armenia. The travel card combines the expanded acceptance and benefits of Visa, the convenience of Wizz Air travel and the strong financial services of IDBank. Our customers can now look forward to a more enjoyable and rewarding international journey, enriched by travel benefits and rewarding everyday spending. This collaboration underscores our commitment to bring international best practices to Armenian customers and marks the first step in a partnership we look forward to growing further,” noted Diana Kiguradze, Visa Regional Manager for the Caucasus and Moldova.

Diana Kiguradze

“We are delighted to enhance our rapidly growing presence in Armenia through this strategic partnership with IDBank and Visa. Armenia is an important market for Wizz Air, and we are continuously looking for new ways to make travel more accessible, convenient and rewarding for our customers. The launch of the IDBank Wizz Air co-branded Visa Platinum travel card allows us to offer even greater value to Armenian travelers, combining the benefits of affordable air travel with advantages that extend throughout their journey. We look forward to seeing this partnership grow and to welcoming even more Armenian passengers on board our flights,” said Ian Malin, Chief Commercial Officer at Wizz Air.

Ian Malin

The new card is designed specifically for frequent travelers and Wizz Air customers. Cardholders receive:

•    A Welcome Bonus equivalent to EUR 20 credited to their Wizz Air wallet, 
•    complimentary Wizz Air Discount Club Standard membership, 
•    10% idcoin bonus on payments made through GetTransfer.com,
•    up to 3% cashback on Wizz Аir purchases, 
•    up to 1.5% cashback when paying at restaurants, supermarkets, accommodation, clothing, and fashion stores,
•    up to 1% cashback on other payments, which will be credited directly to your Wizz Account wallet.

The maximum monthly cashback limit is AMD 20,000 (equivalent in EUR) for card transactions made during a calendar month. Cashback is awarded for transactions of at least AMD 5,000.

The card also comes with a range of premium travel benefits, including discounts on travel insurance and car rentals, airport lounge access and free Fast Track at Zvartnots and international airports. Find out more details about the card's benefits here.

The digital version of the card is already available, while the physical card will be available to order soon.

Read more about the benefits and conditions of the IDBank Visa Wizz Air co-branded Platinum travel card here.

The bank is supervised by the Central Bank of RA.

]]> Tue, 15 Sep 2026 13:46:00 +0400 <![CDATA[ Policy rate has been increased by 0.25 percentage point to 6.75% ]]> https://banks.am/en/news/newsfeed/31235 https://banks.am/en/news/newsfeed/31235 At its September 15, 2026 meeting, the Board of the Central Bank of Armenia decided to:
•    Raise the Policy Rate by 25 basis points, setting it at 6.75%
•    Set the Lombard Repo Facility Rate at 8.25%.
•    Set the Deposit Facility Rate at 5.25%. ]]> Tue, 15 Sep 2026 12:09:00 +0400 <![CDATA[ Uzbekistan plans to attract $1 billion to the fintech sector ]]> https://banks.am/en/news/fintech/31234 https://banks.am/en/news/fintech/31234 Uzbekistan aims to attract $1 billion in foreign investment to the fintech sector by 2030.
According to Interfax, this was announced by Timur Ishmetov, head of the Central Bank of Uzbekistan.

“Uzbekistan is open to investment, technology, expertise, and long-term partnerships. Regional financial integration cannot be achieved by a single country acting alone. We invite our partners to work with us on infrastructure and standards that can connect the markets of Central Asia and other regions. With the right partnerships, Central Asia can become a more interconnected, competitive region that is fully integrated into the global financial system,” he noted.

Timur Ishmetov announced that the Central Bank has established its own innovation hub and plans to begin accepting its first group of residents in the fourth quarter of 2026.

“The hub will provide a complete journey – from incubation and acceleration to regulatory support, pilot testing, and preparing solutions for market launch,” he explained. 

Among the priorities for the development of the fintech ecosystem, Timur Ishmetov highlighted financial infrastructure:

“We are developing open banking APIs and payment standards that will enable the financial system to scale and operate across different jurisdictions.” 

The partner of Fintech section is   ]]> Tue, 15 Sep 2026 09:50:00 +0400 <![CDATA[ Nairi Insurance’s Board welcomes internationally renowned member ]]> https://banks.am/en/news/newsfeed/31232 https://banks.am/en/news/newsfeed/31232 The Board of Nairi Insurance, a leader in Armenia’s insurance market, has welcomed a member with extensive international experience. 
Rustam Azimov, General Director of Uzbekistan’s largest insurance company, Uzbekinvest, has joined the Board. The Central Bank of Armenia officially approved Rustam Azimov’s appointment as a member of the Company’s Board in April 2026. He recently visited Armenia to meet with the Nairi Insurance team and discuss the Company’s development vision with its management on-site. 

Rustam Azimov has decades of experience in the financial, insurance, and management sectors. For many years, he served as the founding Chairman of the Board of Uzbekistan’s National Bank for Foreign Economic Activity and founded and headed Ipak Yuli Bank. For approximately 20 years, Azimov held senior positions in Uzbekistan’s public administration, including serving as Minister of Finance and Economy and Deputy Prime Minister. He holds a doctorate in economics and has authored several books published by leading international publishing houses in multiple languages, including English and French. 

“Drawing on my decades of experience, I see both stability and constant forward momentum – in other words, development – at Nairi Insurance. These two values are fundamental to building trust in a company operating in the financial sector. I believe this is one of the keys to Nairi’s success over the past three decades. I joined the Nairi Insurance Board of Directors with the conviction that I can use my years of experience to strengthen not only the Company but also Armenia’s insurance sector,” said Rustam Azimov. 

Vahagn Khachatryan, Chairman of the Board and shareholder of Nairi Insurance, said that having Rustam Azimov, with his wealth of experience, join the Board is a major achievement and an honor for the Company. 

“Nairi currently holds a leading position in the market, but we have no intention of stopping here. We are looking further ahead, and I am confident that we have much to learn from Mr. Azimov. Having studied the history of Uzbekinvest and how, under Mr. Azimov’s effective management, the company rapidly grew to become the largest not only in the country but also in the Asian market, we are certain that Rustam Azimov will play a pivotal role in the new phase of Nairi’s development,” said Vahagn Khachatryan. 

Mane Martirosyan, Executive Director of Nairi Insurance, emphasized that having an individual with Rustam Azimov’s reputation and experience on the Board entails a great responsibility. 

“Mr. Azimov accepted our proposal after examining the Company’s history and development trajectory. This means that it was not only us who chose Rustam Azimov; he also chose us and placed his trust in Nairi. Naturally, this entails tremendous responsibility – not merely to maintain the pace and momentum of the Company’s development, but to accelerate it and expand our capabilities,” said Mane Martirosyan. 

She is confident that Rustam Azimov, with his experience and international connections, will contribute to Nairi’s development and help strengthen its international reputation. 

Nairi Insurance and Uzbekinvest signed a memorandum of strategic cooperation in 2025. Nairi Insurance is the only insurance company in Armenia to hold a rating from the prestigious Moody’s. This year, its rating was upgraded from B1 to Ba3, with a stable outlook.

Nairi Insurance was the first company in Armenia to introduce a comprehensive Global Health Insurance plan in partnership with AXA Health International, the world’s largest insurance company.  ]]> Mon, 14 Sep 2026 10:36:00 +0400 <![CDATA[ Global Economic Convergence Is Stalling ]]> https://banks.am/en/news/articles/31231 https://banks.am/en/news/articles/31231 Keun Lee, a former vice chair of the National Economic Advisory Council for the President of South Korea, is Professor of Economics at Seoul National University.

Keun Lee 

The global economy has undergone a dramatic transformation over the past two decades, driven not least by the 2008 global financial crisis, the United Kingdom’s 2016 vote to leave the European Union, and the escalating rivalry between the United States and China. The International Monetary Fund’s latest World Economic Outlook, published this past April, shows how such shocks have affected the fortunes of emerging and advanced economies.

When then-Goldman Sachs economist Jim O’Neill coined the term BRIC in 2001, the four emerging-market economies to which he referred—Brazil, Russia, India, and China—were viewed as having enormous growth potential. Over the past quarter-century, however, progress has been highly uneven.

Start with the largest emerging economy. China’s relative economic power—measured by its GDP in current prices, relative to US GDP—peaked at 76.6% in 2021. It fell to 70.4% in 2022, owing largely to its zero-COVID policy and a real-estate downturn, and to 63.8% last year. The IMF projects it will grow slightly to 64.9% in 2027. The limitations of China’s export-dependent growth model, together with targeted US efforts to contain the country’s rise, are imposing a distinct constraint on nominal GDP growth, suggesting that, when it comes to relative economic power, we may have already seen “peak China.”

But when it comes to living standards—measured using per capita GDP, adjusted for purchasing power parity (PPP)—China continues to narrow the gap with the US. From 2021 to 2026, China’s per capita GDP relative to the US rose from 29.2% to 33.5%, with the income gap narrowing by roughly one percentage point annually. On this trajectory, China’s per capita GDP will exceed 40% of the US level by the early to mid-2030s. That would place China in the high-income category in relative terms.

By absolute measures, China will reach this milestone even sooner. It achieved a per capita gross national income of $14,230 in 2025 and is projected to reach a per capita GDP of $14,874 in 2026, well above the World Bank’s high-income threshold of $14,375. China thus appears to have avoided the dreaded middle-income trap.


India is on the opposite convergence trajectory, catching up with the US in economic scale but progressing slowly in living standards. In 2000, India was the world’s 13th-largest economy, contributing 1.4% of global GDP. By 2022, it had risen to fifth place, behind the US, China, Germany, and Japan. Although a weak rupee and GDP revisions caused India to fall behind the UK and remain in sixth place in 2025 and 2026, the country is projected to climb back up the rankings, becoming the world’s fourth-largest economy next year.

By contrast, India’s PPP-adjusted per capita GDP grew only modestly over the past decade, from 10.4% of the US level in 2016 to 13.6% this year. That is an average annual increase of just 0.3 percentage points.

Russia’s economic size relative to the US peaked at 13.6% in 2013, the year before its illegal annexation of Crimea, which prompted a spate of Western sanctions. By 2016, it had dropped to 6.8%, but it has stabilized between 7% and 8.8% over the past five years, despite the Ukraine war. Russia’s PPP-adjusted per capita GDP has also remained steady, hovering between 54.7% and 55.6% over that period.

Brazil has lost ground in both relative economic scale and living standards. Its relative GDP dropped from 16.8% of the US in 2011 to 8.7% in 2019, and it currently stands at 8.1%. Similarly, Brazil’s relative per capita GDP slid from 30.8% in 2011 to 25.9% in 2019, and it has remained around that level. South Africa, which joined the BRICS in 2010, has also experienced a persistent decline in relative income over the past decade. Both countries appear to be firmly stuck in the middle-income trap.


Major advanced economies are also losing ground to the US in terms of both economic power and incomes. Germany’s relative GDP fell from a peak of 26% in 2008 to 16.8% this year—a result of a weak euro, energy-price shocks, and declining competitiveness in the high-tech manufacturing, automotive, and semiconductor sectors. Its PPP-adjusted per capita GDP reached 97% of the US level in 2011, but it has since fallen steadily, reaching 91.1% in 2020 and 81% in 2026.

Japan, for its part, has been falling behind since the 1990s. Its relative GDP has plummeted from 74% of the US at the beginning of that decade to 13.5% this year. Over the same period, its PPP-adjusted per capita GDP shrank from 86% of the US to 63% in 2026. As for the UK, its relative economic output fell from 21.5% of the US in 2007 to 13.2% in 2026, and its relative per capita GDP fell from 81.3% in 2016 to 71.6% in 2026.

For a while, the world’s advanced economies (other than the US) were rapidly losing ground to their emerging counterparts: the GDP gap between the G7 and the BRICS contracted from 57 percentage points in 2000 to 25 percentage points in 2016, when the G7 accounted for 47.3% of global GDP, compared to 22.5% for the BRICS. The BRICS’ catch-up momentum has stalled since 2016, not because the G7 has been doing better, but because everyone has been doing worse.


Meanwhile, the US continues to outperform other major economies. Though its share of global GDP has fallen since its 2001 peak of 31.4%, it has remained above 25% over the past five years and stands just above 26% in 2026. For all the talk of global convergence, the past decade has seen America pull further ahead while most of the world has struggled to keep pace.

Copyright: Project Syndicate, 2026.
www.project-syndicate.org  ]]> Mon, 14 Sep 2026 00:10:00 +0400 <![CDATA[ The Vanderbilts: Lessons from the rise and fall of America’s richest family ]]> https://banks.am/en/news/articles/31223 https://banks.am/en/news/articles/31223 Banks.am and wealth management company Wilco are launching a joint series of articles exploring succession planning and family governance.

As Armenia marks the 35th anniversary of its independence, the country is entering a new stage: the intergenerational transfer of substantial private wealth. Much of this wealth has been built from scratch over the past three and a half decades. Today, its owners and their families are beginning to navigate the complex process of passing businesses and assets on to the next generation – often without the benefit of previous experience or established traditions in this area.

We will present specific historical examples, accompanied by commentary from Wilco experts, to illustrate how these lessons can be applied to the Armenian context.

Once you’re in New York, you’ll most likely want to visit one of the city’s most iconic landmarks – Grand Central Terminal, or simply “Grand Central,” as it’s commonly known. Near the station, you’ll find a bronze statue of a man standing about 3 meters tall and weighing 4 metric tons, once considered the largest statue in the United States. It is a monument to Cornelius Vanderbilt, one of the most successful and wealthiest American entrepreneurs of the 19th century.

Cornelius Vanderbilt Monument

Vanderbilt, whose name is closely intertwined with the history of Grand Central’s construction, managed to turn $100 borrowed from his parents at the age of 16 into a railroad empire. Decades later, he had amassed a fortune of approximately $100 million. By comparison, this was more than the total funds held by the United States Treasury at the time.

However, in just a few generations, this immense family fortune had all but vanished.

So how did it all begin?

The rise of the Vanderbilt Empire

In 1817, Cornelius met Thomas Gibbons, the owner of a ferry business, who offered him the opportunity to captain one of his steamboats operating between New York and New Jersey. This marked Vanderbilt’s introduction to the most sought-after and innovative “technology” of the time – the steamboat. It broadened his horizons, gave him valuable experience, and helped him build a network of new connections. By 1830, Vanderbilt was already operating his own steamships, serving New York and the surrounding regions. His first major step toward success had been taken.

Inside the Grand Central Station

The most significant turning point in Vanderbilt’s career came in the early 1860s, when, at the age of 67, he sold his steamships and began investing in railroad companies, including the New York Central Railroad. Shortly thereafter, he built a new train station in Manhattan – and Grand Central was born. Today, a statue of Vanderbilt stands in front of the station that bears his legacy. Nearly a decade of success in the railroad business earned him the title of the “King of the American Railroads.”

America’s richest man leaves a legacy

Cornelius, who had 13 children from his first marriage, died in 1877 at the age of 82, leaving the vast majority of his fortune – about 90 percent – to his eldest son, William Henry. According to a widely repeated account, when passing his fortune on to his son, he offered this parting advice: “Any fool can make a fortune, but it takes intelligence to preserve it.”

William Henry Vanderbilt

Although William outlived his father by only eight years, he used that relatively short period to further expand the Vanderbilt railroad empire. Many researchers note that he doubled the fortune he inherited from his father, increasing it to approximately $200 million.

Following William Vanderbilt’s death, the family fortune was divided among his children, marking the beginning of the decline of the Vanderbilt family empire.

The beginning of the end, or “The Curse of the Vanderbilts”

Cornelius Vanderbilt was convinced that the bulk of the family’s wealth should be passed on to a single heir, but William Vanderbilt, who died in 1885, bequeathed his fortune to his three sons: Cornelius II, William Kissam, and George Washington. As the estate was divided, the Vanderbilt family’s drive to continue expanding the business began to wane, while expenses continued to rise. Until his death in 1899, Cornelius Vanderbilt II – who was the most involved in the family business and showed the greatest interest in it – managed the family’s railroad companies and continued the philanthropic work begun by his father.

William Kissam worked alongside his brother but showed considerably less interest in preserving the family’s vast legacy. After Cornelius’s death, William took over the management of the family’s companies, but soon decided to hand control of the railroads to an outside firm. He subsequently withdrew from active business and devoted himself entirely to his favorite pursuits: sailing competitions, horse breeding, and the social events of America’s high society.

His younger brother, George Washington Vanderbilt, had little interest in business and even less in developing or expanding the family enterprises. Instead, like many other members of the family, he preferred to acquire estates and build lavish mansions, where his extravagant parties became the talk of the country. To bring his grand visions to life, he hired some of the most renowned architects of the day, paying them enormous sums. Among the most memorable of his projects was the 250-room Biltmore Estate in North Carolina, which occupies an area of approximately 60,000 hectares. It is said that the estate “devoured” $4.4 million of George’s $5 million inheritance.

Biltmore Estate

The late 19th century was marked by enormous expenses and a struggle to maintain their social standing for the Vanderbilts. The family acquired expensive collections of works by European artists and mansions; on Fifth Avenue in Manhattan alone, they built 10 mansions. At the same time, enormous sums were spent on maintaining these homes – even though they stood empty for most of the year.


As a result, vast estates, personal luxury, and lavish spending to maintain their high social status consumed a significant portion of the family’s wealth.

The final dissipation of the family legacy

Gradually, the family business began to lose its cohesion, fragmenting among an ever-increasing number of heirs. Although the transportation business reached its peak during World War II, the development of trucks, ships, and aviation significantly weakened the railway industry’s position. Shares of the New York Central began to be put up for sale, and after several bankruptcies, the company came under the control of the government-owned Amtrak in 1971.

Summit One observation deck atop the new One Vanderbilt tower in midtown Manhattan

By 1947, all 10 of the Vanderbilt mansions built on Fifth Avenue in New York had already been demolished, and their interior decorations and furnishings had been sold at auction. Today, the iron gates from one of these mansions stand at the entrance to the Conservatory in New York’s Central Park.

By the mid-20th century, many of the family’s famous estates had been sold or turned into museums, as the heirs’ debts continued to grow. There is a popular – albeit somewhat exaggerated – belief that when 120 Vanderbilt heirs gathered in 1973, not a single one of them was a millionaire anymore.

The most famous Vanderbilt of our time

The most famous member of the Vanderbilt family today is Anderson Cooper, Gloria Vanderbilt’s son and a sixth-generation descendant of Cornelius Vanderbilt. Although descended from the family of Cornelius Vanderbilt, once considered the richest man in the United States, Cooper did not inherit the vast fortune that had been passed down through generations. By then, much of the Vanderbilt wealth had already disappeared.

Anderson Cooper and U.S. President Joe Biden

In one interview, Cooper recalled his mother telling him that he would not be able to spend a single cent of the Vanderbilt inheritance. Cooper has since said on several occasions that he is grateful for this, arguing that inherited wealth “kills initiative” and can be a “curse.”

The rise and fall of the Vanderbilts is a powerful illustration of a simple truth: creating wealth is difficult, but preserving it and ensuring that it is not squandered from one generation to the next is even harder.

***

The history of the Vanderbilts is a prime example of the challenges faced by many families with substantial wealth: whom to entrust with their fortune and business, how to preserve family unity and shared values, and what tools can help ensure that wealth is not squandered from one generation to the next. We asked Karina Arutyunova, Director of Strategic Projects at Wilco and a specialist in family governance and succession planning, to share her insights on these topics.

Challenges are universal

Capital has no fixed address, but the challenges of planning for and transferring family wealth are universal. Generational conflicts, differences in perspectives, a lack of open dialogue, and the absence of shared principles and legal mechanisms for resolving intra-family disputes can all hinder the transmission of intangible assets – values, traditions, knowledge, and family history –to future generations. Yet it is precisely an understanding of family history, mutual trust, and a clearly defined approach to the future of capital and business that can lay the foundation for long-term prosperity and family harmony.
 
Building this foundation is the purpose of an entire field of global practice known as family governance. Far from being an abstract concept, it is a practical system that can include family councils, family constitutions, decision-making protocols, and mechanisms for resolving conflicts. In its more comprehensive form, this infrastructure takes the shape of a family office – a professional structure designed to manage a family’s capital, investments, and broader interests as a unified whole. At Wilco, we work both with families that are just beginning to build such an infrastructure, helping them establish the right principles from the outset, and with established family offices that require expertise on specific issues related to governance, management, and succession.

Effective succession planning is not just a private matter

In the West, family governance has a history spanning several centuries, whereas in our region, the practice of treating the family as a partnership – with governance structures, committees, and formal rules – is still in its early stages.

It is important to recognize that this is not simply a matter concerning the fate of individual families. How the first generation of entrepreneurs transfers its wealth will largely determine whether that capital remains invested in the region’s economy or gradually leaves it. Sound succession planning is therefore not merely a private matter; when substantial amounts of capital are involved, the way wealth is transferred can have broader implications for the economy of an entire country or region.

Understanding the purpose

There is no single legal instrument capable of resolving every issue, operating autonomously, and remaining effective without periodic review. The first step in estate planning is to clearly define its purpose: what the testator wants to happen after their passing – to their assets and to their family.

Summit One observation deck atop the new One Vanderbilt tower in midtown Manhattan

For example, a will should clearly specify which assets and businesses are to be transferred not directly to the heirs, but to a specially established structure, such as a fund or trust. It should define who will manage those assets and determine to whom, in what amounts, and under what conditions distributions will be made to the heirs. This allows to protect not only the assets but also the heirs themselves—from their young age, their inexperience in business matters, and the advice of people with “good intentions.”

At the same time, the choice of a specific instrument is largely determined by the jurisdiction in which the capital is held. In CIS countries, for example, one of the most common mechanisms is the fund.

Planning tools

As the saying goes, “Truth is the daughter of time.” Only time can prove whether a decision is the proper one. Life is diverse and highly unpredictable; people today cannot completely protect their families, but they have access to planning tools that can significantly reduce risks compared to their predecessors.

Uncertainty or predictability – the choice is ours. ]]> Fri, 11 Sep 2026 22:42:00 +0400 <![CDATA[ Unibank Becomes Lead Sponsor of AGBU’s Global Run in Support of Camp Nairi ]]> https://banks.am/en/news/newsfeed/31230 https://banks.am/en/news/newsfeed/31230 Unibank has become the Lead Sponsor of the AGBU Global Run in support of Camp Nairi, joining the worldwide fundraising initiative as a corporate donor to help children and families affected by war and displacement.

Funds raised through the initiative will support recreational programs for campers, access to qualified mental health professionals, and the expansion of the program’s capacity to reach more children and mothers.

As Lead Sponsor, Unibank is supporting the initiative in Armenia and across participating communities worldwide. Global Run teams have been formed in cities around the world, including Barcelona, Brussels, Los Angeles, London, New York, Nice, Paris, Shanghai, Sydney, Tokyo, Toronto, Zurich, and many others.

The AGBU Global Run for Camp Nairi will begin in Yerevan on September 13 with a 5K Run/Walk in Hrazdan Gorge, before continuing across 21 cities worldwide.

Located in Armenia’s Lori region, the free overnight summer camp combines traditional camp experiences with professional psychological support in a safe and nurturing environment. Camp Nairi extends its impact beyond the summer camp through mental health services, wellness education and community support for children and their families.

The partnership with AGBU and support for Camp Nairi reflect Unibank’s belief that investing in children’s well-being and creating opportunities for their development can make a lasting difference and help shape a better future. By supporting Camp Nairi, Unibank is helping more children overcome the challenges they have experienced and look toward the future with greater confidence and hope. The Bank’s support contributes to expanding access to an environment where children can feel supported, discover new opportunities and enjoy experiences that contribute to their emotional and personal development.

For 25 years, Unibank has been contributing to Armenia’s economic and social development, combining its role as a financial institution with a strong commitment to the communities, it serves. Supporting socially significant initiatives has remained an important part of the Bank’s approach throughout its history, with particular attention to projects in education, youth development, and sports. ]]> Fri, 11 Sep 2026 18:57:00 +0400 <![CDATA[ Katerina Danekina: “We Are Not Simply Investing in Dilijan - We Are Shaping Its New Economy” ]]> https://banks.am/en/news/interviews/31224 https://banks.am/en/news/interviews/31224 Dilijan is changing: new projects and spaces are opening one after another, shaping a modern tourism, education, cultural and business environment. Alongside new hospitality and residential projects, public spaces, gastronomy, educational and cultural initiatives are developing, gradually transforming the city’s economic and social dynamics.

Banks.am spoke with Katerina Danekina, CEO of Green Rock Management Group, about the long-term vision behind these changes, Dilijan’s new stage of development, and Green Rock’s investment strategy.

In the interview, Katerina Danekina discussed the development of Dilijan as an international year-round destination, the interconnected ecosystem of new projects, the strategic significance of Hyatt Regency Dilijan, human capital development, and the new economic opportunities emerging in the city.

Green Rock has made significant investments in Dilijan in recent years. What is the strategic rationale behind choosing Dilijan as one of your key development destinations?

Dilijan has something that cannot be created through investment alone — a strong sense of identity. Nature, history, culture, and a unique atmosphere come together here, making Dilijan a historic tourism center in the region.

Today, Dilijan welcomes around 250,000 visitors a year. This shows that demand already exists. For us, the strategic question is how to turn that existing demand into a stronger, more sustainable, and more diversified economy.

To achieve this, people need to come to Dilijan not just for a few hours, but stay longer, return, study, work, and invest.

That is why we look at Dilijan not simply as a tourism destination or a collection of individual projects. We see it as a complete destination — a place for living, tourism, education, culture, and business.

For us, investing in Dilijan is not only about creating new infrastructure. It is about building an ecosystem where different projects strengthen one another and, together, create long-term value for the city, its residents, and its businesses.

Green Rock’s investment portfolio is valued at approximately $160 million. What gives you confidence that the market can support investments of this scale?

We are not investing $160 million hoping that the market will eventually justify our expectations. We are actively helping shape the market ourselves — through new products, infrastructure, and higher standards of quality.

Armenia and Dilijan are becoming increasingly visible on the international tourism market, but we need to continue improving the quality of the tourism product itself: creating high-quality hotels, unique experiences, gastronomy, culture, events, health and wellness services, and other reasons for people to visit, stay longer, and return.

In Dilijan, we see the potential to build this kind of ecosystem relatively quickly — one that can not only meet existing demand, but also transform it both qualitatively and quantitatively, generate new demand, and contribute to the development of the market itself.

That is why we are not investing only in today’s market or today’s numbers. We are investing in its long-term potential — and creating the conditions for that potential to be realized.

This has been a very active year for Green Rock: five new projects have already opened and started operating in Dilijan. What do these developments mean for Green Rock’s next stage of growth?

Indeed, in 2026, our vision and strategy began to take shape in reality. Not long ago, PPLS Rooms Co-living, Villa3 Community Hub, Cabinet Café & Restaurant, Apicius Armenia, and CEMI Café by Apicius were projects on paper. Today, they are operating spaces: people live there, teams work there, entrepreneurs meet, students learn, and guests stay.

For us, this is even more important than the opening itself. An opening is only the beginning. The real result comes when a product starts to live, generates demand, and becomes part of the city’s economy.

We are already seeing real demand in Dilijan for new ways of living, working, dining, and experiencing hospitality.

At the same time, we are strengthening Green Rock as an institution: improving our processes and management, introducing policies and standards, and developing our corporate culture.

Every completed project gives us new capabilities and experience, making us better equipped to deliver the next project faster, stronger, and to a higher standard.

You are talking not about individual projects, but about developing a tourism destination. What does that mean in practice?

For a city to thrive and develop sustainably, it is not enough to deliver individual projects, even very strong ones. Over the long term, this approach does not create enough value for the city, its residents, or businesses.

True, sustainable transformation begins when projects and initiatives become part of one interconnected system and start strengthening one another.

A school prepares professionals for the industry. Hotels and restaurants create jobs and opportunities for professional growth. Cultural projects give people new reasons to visit the city. Restaurants and public spaces bring the city to life. Artists and entrepreneurs move here because they find an environment that suits them. Residential infrastructure allows people to stay longer, invest, and ultimately become part of the community.

Often, the greatest value is not created within individual assets, but between them — through the connections between education, hospitality, culture, business, and urban life.

That is how an ecosystem is created in which the growth of one element strengthens the others. And that is the kind of model that can support the long-term, sustainable development of both the city and the business community.

Hyatt Regency Dilijan is one of the most significant projects within this strategy. What does the presence of an international hotel brand change for Dilijan?

For us, Hyatt is not simply a hotel project. It is an infrastructure anchor that can change the scale of Dilijan as an international destination.

An international brand brings established standards, a global distribution network, access to an international customer base, expertise, and — perhaps most importantly — trust.

For part of the international audience, Dilijan is not yet an obvious choice. The presence of Hyatt can significantly change that, making the city more visible on the global tourism map.

But our role does not end with building an international hotel. Hyatt Regency Dilijan will become part of a larger system — together with culture, events, education, residential projects, and urban infrastructure.

The hotel should not simply perform well on its own. It should generate additional demand, strengthen other projects, and ultimately increase the attractiveness of the city as a whole.

That is where we see its strategic role.

How important is human capital to the success of this model?

It is fundamental. You can build an excellent hotel and outstanding infrastructure, but ultimately, it is people who create the guest experience.

Today, more than 150 people work at Green Rock Management Group. The full development of the multifunctional complex is expected to create more than 800 additional jobs.

But for me, the number of jobs is not the only thing that matters. Their quality is much more important — the professional environment, opportunities for learning, and possibilities for career growth.

It is impossible to build a sustainable tourism economy through imported expertise alone. We need our own professionals who understand international standards while also understanding the local context.

That is why we invest in education. Apicius Armenia should help develop a new generation of professionals who receive an international-level education here in Armenia and can then work to international standards and contribute to the development of the industry within the country.

In this sense, education is not a separate direction for us. It is the foundation for the long-term development of the entire ecosystem.

How do you define Green Rock’s role — primarily as an investor, a developer, or an operator of the tourism sector?

We combine all three roles. And that is precisely what defines our model.

An investor thinks about the return on capital. A developer focuses on creating a high-quality asset. An operator thinks about how that asset will perform and create value over the next twenty years.

We need to look at a project from all three perspectives at the same time.

If you see only one part of this chain, it is impossible to build a complete destination. That is why it is important for us to manage the entire cycle — from the investment idea and infrastructure development to operational efficiency, customer experience, and long-term impact on the city’s economy.

Of course, the financial performance of each individual project matters to us. But we also look at the bigger picture — the role each asset plays within the overall system and the additional value it creates for other projects.

Ultimately, our goal is not simply to build a good asset or generate a return on an individual investment. Our goal is to create a system in which one project generates demand for another, and the value of the entire ecosystem becomes significantly greater than the sum of its individual parts.

What do you believe Armenia needs to do at the next stage to move from tourism growth to a mature tourism economy?

We need to stop measuring the success of tourism only by the number of tourist arrivals. The number of visitors is one indicator. But the key KPI is the economic value that tourism creates for the country.

How many days did a person spend in Armenia? How much did they spend? Did they return? Did they visit during another season? And, most importantly, how many jobs, new businesses, and investments did this demand generate within the country?

The next step for Armenia is to create more reasons for people to visit, stay longer, and return. We already have nature, culture, history, gastronomy, and genuine hospitality. But potential alone is not a tourism product. It needs to be transformed into high-quality products and services that can compete internationally.

In the case of Dilijan, our goal is very specific: to make it a year-round destination. The city should be active and economically attractive throughout all twelve months of the year.

I see this transition — from the number of tourists to the quality of demand, from seasonality to a year-round economy, and from tourism potential to competitive products — as the next stage in the development of tourism in Armenia.

In October, Green Rock will host the Tourism Regional Forum in Dilijan. Why was it important to create such a platform?

There are two main reasons.

First, you cannot build a strong industry in isolation. You need new ideas, international expertise, competition, and open professional dialogue.

Today, Dilijan is competing for visitors not only with other cities in Armenia, and not only with neighboring countries. It is competing with dozens of strong destinations around the world.

That is why it is important for us to constantly benchmark ourselves against the international market, exchange experience, and understand where the industry is heading.

Second, we see Dilijan not only as a place for leisure, but also as a platform for meaningful international dialogue. We want people to come here not only as tourists, but also as individuals who create new ideas, businesses, and projects.

We want Dilijan to become a place where professionals meet, new partnerships are formed, and initiatives emerge that can influence the development of not only the city, but the wider region.

The Tourism Regional Forum is one of the tools for creating that kind of environment.

In your view, what is the biggest risk in developing a tourism destination like Dilijan?

The biggest risk is fragmented development. You can build ten good projects and still fail to create a strong city.

The second risk is growing so quickly and chaotically that development destroys the very qualities that bring people here in the first place.

That is why we have a very simple principle: development should not destroy Dilijan’s identity. It should strengthen it.

We want to make the city stronger, more modern, and more international, while preserving its character, cultural context, nature, and connection to its sense of place.

Because ultimately, Dilijan’s uniqueness is its greatest competitive advantage.

Dilijan should become better, but it should remain Dilijan.

If you look back at the work being done today five or ten years from now, what criteria will you use to measure Green Rock’s success?

I certainly will not measure it by the number of buildings we have constructed.

For me, success will mean that five or ten years from now, Dilijan is economically stronger and more resilient. That international guests are visiting more often and staying longer. That new businesses are emerging here. That young, talented people are choosing Dilijan as a place to live and build their careers. And that the city’s economy is genuinely active year-round.

And, most importantly, I want to see growth happening beyond Green Rock itself.

I want to see dozens of successful independent entrepreneurs and companies emerging around our investments — creating their own products, jobs, and opportunities.

Because the true impact of our investments should be significantly greater than the investments themselves.

When that happens, we will be able to say that we have created not simply a real estate portfolio. We have helped create a new economy for the city. ]]> Fri, 11 Sep 2026 10:29:00 +0400 <![CDATA[ Unibank’s renamed “Tumanyan” branch opens at a new location ]]> https://banks.am/en/news/newsfeed/31221 https://banks.am/en/news/newsfeed/31221 Unibank’s branch, previously located in the Moscow Cinema building, has moved to a new location and has been renamed “Tumanyan.” The branch now serves customers at 24 Tumanyan Street, Premises 49, Yerevan.
The bank reported that the new office is located in the center of Yerevan, in an area with well developed infrastructure. The more spacious premises allow the branch to accommodate a growing number of customers while providing a comfortable environment for service.

The “Tumanyan” branch offers a wide range of banking services, including opening bank accounts, issuing cards, arranging deposits and loans, money transfers, foreign currency exchange, and other banking operations. The branch is open Monday to Friday from 09:30 to 16:30 and is closed on Saturdays and Sundays.

“The development of its branch network remains an important part of Unibank’s strategy to make banking services more accessible. The bank continues to develop modern service formats, combining the convenience of digital banking with service at its branches, where customers can receive professional advice and assistance with their financial needs,” the bank said in a news release. ]]> Thu, 10 Sep 2026 17:48:00 +0400 <![CDATA[ Finbox expands its ATM network to Nor Zovq supermarkets ]]> https://banks.am/en/news/newsfeed/31219 https://banks.am/en/news/newsfeed/31219 Finbox continues to expand its ATM network and has launched a partnership with the Zovq supermarket chain.
The first two Finbox ATMs have already been installed at Zovq supermarkets in Yerevan, located at 40 Mamikonyants St. and Davtashen 4, 26/1.

Supermarket customers can use Finbox ATMs to withdraw cash with Visa, Mastercard and ArCa bank cards, as well as deposit funds into bank and card accounts held with Armenian banks.

“The partnership with Zovq is part of Finbox’s strategy to develop an accessible network of modern ATMs in high-traffic everyday locations. Placing ATMs in supermarkets allows customers to combine their daily shopping with essential financial transactions,” the news release reads.

Finbox and Zovq plan to expand their partnership and install ATMs at additional supermarkets across the chain.

About Finbox

Finbox is Armenia’s first independent ATM operator, developing modern infrastructure for cash transactions. Finbox ATMs enable customers to withdraw and deposit cash, as well as fund bank and card accounts held with Armenian banks.The company is expanding its own ATM network and partnering with banks, retail chains and other businesses to build accessible cash-in and cash-out infrastructure across Armenia. ]]> Thu, 10 Sep 2026 14:39:00 +0400 <![CDATA[ Mastercard issued 'A Short History of the Future of Shopping and Payments' ]]> https://banks.am/en/news/fintech/31217 https://banks.am/en/news/fintech/31217 Mastercard issued 'A Short History of the Future of Shopping and Payments' report. 
According to it, more than one in ten online shoppers are expected to routinely use AI agents to purchase products on their behalf by 2030, Finextra reports.

The report comprises a survey of 13,000 parent-and-teen pairs across 13 markets - Bulgaria, Czechia, France, Germany, Israel, Italy, Netherlands, Norway, Poland, Romania, Sweden, Spain and the UK.

The research shows a third (33%) of teens already use AI weekly to find, compare, and review products and services, compared to a fifth (21%) of their parent’s generation. And one in three (36%) say they’d happily hand over to a fully AI-run shopping assistant that chooses, and pays for, products.

Earlier this year, Mastercard created Agent Suite which combines technical support with Mastercard's payments expertise, data-fueled insights, proprietary technology platforms, and 4,000 global advisors to help retailers and their partners integrate agentic AI into their operations and build, test and deploy fit-for-purpose agents.

The partner of Fintech section is   ]]> Thu, 10 Sep 2026 09:49:00 +0400 <![CDATA[ Armeconombank introduces the new Visa Student card ]]> https://banks.am/en/news/newsfeed/31214 https://banks.am/en/news/newsfeed/31214 The Visa Student card offers students a flexible financial management solution, combining the key benefits required for everyday transactions into a single card.
The bank reported that key benefits of the student package are international card issuance: convenient and secure payments both in Armenia and abroad; credit line on preferential terms: access to funds for tuition, personal projects, or other expenses at a special nominal interest rate of 16%, developed specifically for students (annual percentage rate: 17.23%); special cashback on frequent student expenses: 5% on urban and intercity public transport, 2% at fast-food outlets, 1% at sports clubs.

Armeconombank’s new Visa Student card is a comprehensive package tailored to the rhythm of student life. The card is issued for a 5-year term with a one-time fee of AMD 1,000 and no annual service fee. This Classic-class card enables students to take their first financial steps, in particular, offering a credit line on highly affordable terms, which is a major advantage. Furthermore, it provides special cashbacks aligned with student preferences.  The range of benefits for the Student card will continue to expand in the future.

The card can be ordered at Armeconombank branches upon presentation of a document confirming student status.

To learn more about the card details visit Armeconombank’s official website.
 
Armeconombank is supervised by the Central Bank of Armenia. ]]> Wed, 09 Sep 2026 12:32:00 +0400 <![CDATA[ 35-year history step-by-step: Armeconombank celebrates its anniversary ]]> https://banks.am/en/news/newsfeed/31213 https://banks.am/en/news/newsfeed/31213 On September 7, Armeconombank marked its 35th anniversary with a festive event at the Gabriel Sundukyan National Academic Theatre, reaffirming its commitment to actively promoting Armenia’s sustainable economic growth and serving as a reliable financial partner for its clients, shareholders, and partners.
The event was attended by the President of the Republic of Armenia Vahagn Khachaturyan, Deputy Prime Minister Mher Grigoryan, leaders from the Government, the National Assembly, the Central Bank of Armenia, and the Union of Banks of Armenia, along with financial sector partners, representatives of international organizations, as well as the bank’s long-standing employees, shareholders, and loyal clients.

During the event, a documentary film titled “Step by Step” was screened, telling the story of Armeconombank’s founding and institutional development. The bank’s key achievements and milestones were highlighted, including its rich experience in collaborating with international financial institutions, a highly qualified professional team, the establishment of a modern corporate governance culture, and its strong position in the banking market. The bank’s reputation and the profound trust placed in it by clients and partners were emphasized as crucial achievements.

Over the course of 35 years, Armeconombank has recorded impressive results:

•    Unconditional client trust: The number of clients using the bank’s services has crossed the 475,000 threshold.
•    Broad shareholder base: As an open joint-stock company (OJSC), ARMECONOMBANK today unites more than 7,400 shareholders, a number that continues to grow steadily.
•    Strong and expanding team: The bank’s professional team currently brings together more than 1,000 employees.

In his address, Saribek Sukiasyan, Chairman of the Board of Armeconombank, noted that the Bank has navigated complex phases, demonstrating resilience, flexibility, and unwavering dedication to its core values:

“Armeconombank’s journey is closely tied to the history and development of Armenia’s financial system. Transparent operations and institutional responsibility toward the state have always been at the core of our strategy. For 35 years, our goal has been to build a bank that is not only a symbol of financial stability, but also a reliable pillar of national economic growth and public trust. In this context, I am proud to highlight our direct contribution to ensuring the country’s economic stability, year after year reinforcing our position as a major and exemplary taxpayer.

For 35 years, Armeconombank has held its unique place in Armenia’s banking sector. A bank’s success is not measured solely by financial metrics; it is measured by its impact on the country’s economic environment and by the responsibility forged through decades of honest work.”

Artak Arakelyan, CEO of Armeconombank, expressed his gratitude to clients and partners for sharing this 35-year journey with the bank, stating:

“35 years is not merely a timeframe; it is a honorable path walked together with thousands of people - marked by critical decisions, overcome challenges, and numerous achievements. Many of our clients have been with us for decades: every home purchased, business expanded, job created, or student educated represents our shared success.

We are deeply grateful for this binding trust and proud that through our operations, we have contributed to the progress of entrepreneurship and the activation of the investment environment.”

The celebratory evening was accompanied by performances from the National Philharmonic Orchestra of Armenia, featuring Armenian folk themes, as well as a captivating performance by the renowned jazz singer Nino Katamadze.

During the event, congratulatory speeches were delivered by President Vahagn Khachaturyan, Deputy Governor of the Central Bank Armen Nurbekyan, and President of the Union of Banks of Armenia Daniel Azatyan, all of whom underscored the pivotal role of the financial and banking sector in ensuring the country’s economic stability.

International partners of the bank also sent their warm wishes via video messages, expressing gratitude for long-standing, reliable cooperation.

The event concluded with a memorable performance by the “Kamerton” children’s vocal studio, led by Naira Gyurjinyan, together with Sargis Manukyan, lead vocalist of the band Empyray, performing Armeconombank’s anthem in a new, modern arrangement.

“Stepping confidently into the future, Armeconombank’s commitment and mission remain unchanged: to serve as a reliable financial institution driving Armenia’s sustainable economic development and a trusted partner for its clients and shareholders,” the bank said in a news release.

Armeconombank is supervised by the Central Bank of Armenia. ]]> Wed, 09 Sep 2026 10:15:00 +0400 <![CDATA[ Auctions for placement and switch of government bonds amounting 35 bln AMD held ]]> https://banks.am/en/news/capital_market/31212 https://banks.am/en/news/capital_market/31212 Placement and switch auctions of government bonds with a total volume of around 38 billion AMD were held at the Armenia Stock Exchange.
The results of the auctions are as follows:

1. ISIN AMGN36294293, maturity period of 3 years

•    Volume of government bonds offered for placement: 35,000,000,000 AMD.
•    Weighted average yield to maturity: 7.2689%, annual coupon yield: 7.40%.

2. ISINs AMGB3129A504/AMGB3029A548 government bond switch auction;

•    Volume of bonds eligible for auction: 2,000,000,000 AMD
•    Volume of bonds allocated: 2,000,000,000 AMD
•    Weighted average allocation yield: 8.5356%
•    Maturity of allocated bonds: 31 years
•    Annual coupon rate of allocated bonds: 9.750%
•    Volume of bonds repurchased (Buyback): 2,157,855,000 AMD
•    Weighted average repurchase yield: 8.808%
•    Annual coupon rate of repurchased bonds: 9.200%
•    Maturity of repurchased bonds: 30 years
•    Weighted average auction price yield: 9.2927%

3. ISINs AMGN60294292/AMGN36294277 government bond switch auction;

•    Volume of bonds eligible for auction: 2,000,000,000 AMD
•    Volume of bonds allocated: 907,929,000 AMD
•    Weighted average allocation yield: 7.217%
•    Maturity of allocated bonds: 5 years
•    Annual coupon rate for allocated bonds: 8.600%
•    Volume of bonds repurchased (Buyback): 927,374,000 AMD
•    Weighted average repurchase yield: 6.5945%
•    Annual coupon rate of repurchased bonds: 8.400%
•    Maturity of repurchased bonds: 3 years
•    Weighted average auction price yield: 9.0191%

Government bonds are available both on the Armenia Stock Exchange trading platform and online via gp.minfin.am.

Details of the auctions can be found here. ]]> Wed, 09 Sep 2026 09:45:00 +0400