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Armenia is a Fantastic and a Marvellously Beautiful Country


Gerard Hofmann

ARMBUSINESSBAN CJSC, Supervisory Board Member


What do you think are the main assets of Armenia?

I believe that the main asset of Armenia are the people with their intellectual potential and great passion for work.

 Our goal is to hit the right path to endorse their inner perceptions and aspirations.  As loans are granted and other banking services are rendered in different regions of the country, our first priority, without doubt, is the individual and overall well-being.

It is likewise important for the Bank to introduce to employees properly the essence of changes. I mean, it is sometimes a big challenge for people to change the usual course of life, work routine, especially when the expectations are ambiguous. We started the reforms that kicked off over a year ago with ourselves. We introduced a new culture in internal communication since it was important for every employee to be updated, to feel part of the team throughout the long journey to changes. Online meetings were organized to keep every employee informed about the Bank's gradual development bringing forth a broad response.


There are various investment possibilities globally and the associated investment risks are also different. Why Armenia?

Our interest was fuelled by the considerable role of Armenia in the region. For foreign investors Armenia is quite attractive with its favourable business environment and applicable legal framework.

We expect, moreover, we are even convinced that the investments in Armenia will create major opportunities to introduce the Armenian financial sector in the international market in a different format.  

Taking this opportunity, I would like to add that Armenia is a fantastic and marvellously beautiful country.


Number of geopolitical events have created new challenges for various industries, including the banks. How would you assess the Armenian banking investment environment and possible developments?


In our ever-changing reality the financial sector faces new challenges on a daily basis. Conflicts, the amount of currency debt as well as other factors are the causes behind risks emerging in the country. One of the priorities for any country is the stability of the financial system.

To be more precise, a favourable investment environment is crucial for the development of Armenia's economy, this being in fact provided.

In recent years, the government itself has been providing considerable support subsidizing various sectors of economy.

All this is seen as another incentive for foreign businessmen to consider investment opportunities. It should be noted that Armenian banks have invested considerable efforts also in overcoming the overall challenges faced by the system. The competition has become more intense, the volume of lending has increased, each trying to offer more favourable terms to their customers, due to which the sector shows overall growing trend.

Of key importance is also the stability of the country's legal framework. In this regard, I will highly appreciate the possible developments in the Armenian banking investment environment because Armenia has created all the conditions necessary for development and growing stronger.


What prevents Armenian banks from becoming an international brand?

It would be more appropriate to talk about the factors that can contribute to becoming an international brand. Today, there are Armenian banks investing best of their efforts in the local market, working on brand recognition and reliability having also services to meet the international demand.

What I believe is required to enter the international market is professionalism, large investments and a huge amount of effort, focusing first of all on innovations, provision of state-of-the art digital services.


How would you assess the dynamics in internationalization of the banking industry, and what does ARMBUSINESSBANK have to do in this regard?

Here again, we need to consider the growth of foreign investments since it is an important precondition for internationalization of banking industry.  Just imagine having to provide a full package of services to a customer in a foreign country, in other words, traveling to another country for your client.  This implies not only modernization and adjustment of all services but also competition with other actors providing financial services in the country concerned.

One should be prepared to that.

Use of innovative technologies and digital solutions is also essential.

As for ARMBUSINESSBANK, one of the priorities in a long-term perspective is to be represented abroad, rendering services also to other countries apart from Armenia. I think there are many opportunities to appear with new services and a strong position outside the country as well.

ARMBUSINESSBANK has a long way to go. We have already prepared a wide range of activities, which should be carried out sequentially, with due care and without haste.

February 09, 2024
Get 5% cashback on your AMIO digital card!

Change your financial routine with our modern digital card, combining convenience and security. AMIO digital card is not only just a card, but your smart transition to more accessible, practical and controllable expenses.

January 23, 2024
January 23, 2024
New promotion from AMIO BANK for international SWIFT transfers

AMIO BANK presents a new promotion for international transfers to China.

The transfer tariff is set at 0.1% till March 31 inclusive (minimum: 6,500 AMD, maximum: 30,000 AMD).

You can make transfers in USD and Euro. All costs of the correspondent bank are covered by the Bank...

January 18, 2024
Transfers from AMIO to Russia and vice versa

Transfer or receive money from AMIO through the INTELIEXPRESS fast money transfer system and the transfer will be available within minutes in many countries around the world, including Russia. It is fast and affordable. The Currency: Russian ruble (RUB). Commission: 1%...

January 18, 2024
January 04, 2024
Ashtarak is full of new colours. The rebranded branch of AMIO BANK has been opened

We are already in Ashtarak!

“Ashtarak” branch of AMIO BANK rebranded, along with new solutions and innovative format, opened its doors to customers on N. Ashtaraketsu str. 45-47.

The guests from Aragatsotn Municipality, the bank’s partners and customers were at the official reopening ceremony of the branch. AMIO BANK՛s Executive Board Chairman Gevorg Tarumyan and Aragatsotn Deputy Governor Harutyun Gulyan cut the symbolic ribbon together...

December 29, 2023

«Zvartnots» branch of AMIO BANK will continue working 24/7 till 31.12.2023, 18:00 and customer service will work with the same schedule on 01.01.2024, 09:00.

«Mergelyan» branch (address: Yerevan, 1 Komitas avenue) will serve customers on 30.12.2023 from 10:15 to 13:45...

December 28, 2023
Operating day extension in «Kajaznuni» and «Teryan» branches

We inform you that on 29.12.2023 AMIO BANK's operating day has been extended, thus customers can be served in the below mentioned branches of AMIO BANK till 18:00.


  • «Kajaznuni» branch (Yerevan, Kajaznuni str. 5/26)
  • «Teryan» branch (Yerevan, Teryan 69)

December 28, 2023
The course on

Recently, AMIO BANK’s employees of different divisions summed up their knowledge acquired within the process of the course on “Leasing" financial instrument implementation through a test, overcoming the further phase of leasing implementation in the Bank...

December 26, 2023
15% discount for AMIO VISA cardholders in KINOPARK

Don’t miss a fantastic offer and enjoy movie evenings with us!

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In case of any inconsistency between the information published in Russian and English, you need to be guided by Armenian version.
“ARMBUSINESSBANK” CJSC is not liable for the accuracy of the content of any linked websites, as well as for the advertisements and possible consequences resulted from the use of information provided on the linked websites by the third parties.
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The Bank is controlled by the Central Bank of Armenia

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