Armenian financials sector is relatively small where banks are dominating. 92% of financial sector assets belong to 21 commercial banks. Non-banking sector is still in the development stage. Credit organizations are mainly engaged in issuing loans. In contrast with banks, credit organizations are not allowed to fulfill some financial operations conducted by banks, such as accepting deposits and bank account maintenance. At the moment there are 35 credit organizations operating in Armenia.
In substance, banks are the key players in the financial sector of Armenia, but there are also other participants such as investment funds (including pension and venture funds), investment companies, fund managers and insurance companies. We are proud to acknowledge that we are the originators of development of accounting systems in such companies. We are one of the few who first started to render accounting services to investment funds and fund managers, understood the business and its environment, assessed risks and developed appropriate accounting and internal control systems.
