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This material was prepared by Karen Petrosyan (Armenian State University of Economics in Gyumri) for the Ethics & Finance course within the project Localizing Economic Education for V4 Countries and Beyond. The project was co-financed by the governments of Czechia, Hungary, Poland and Slovakia through Visegrad Grants from the International Visegrad Fund. The mission of the fund is to advance ideas for sustainable regional cooperation in Central Europe. See https://visegrad.webflow.io/ for more information.
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Too Big To Fail - ARMENIACommentsData source**
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Banking industry in 2023:
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Number of banks (consolidated, not branches)18
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Main types of banks (public versus private, universal banks, retails, investment, etc.)Universal banks
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Role of subsidiaries of multinationals (qualitive assessment)Subsidiaries of multinational banks play a significant role in Armenia's financial landscape, bringing international expertise and contributing to the sector's stability and growth.
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Foreign bank assets among total bank assets (%)85.00World Bank Global Financial Development database, 2021
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Foreign banks among total banks (%)80.00World Bank Global Financial Development database, 2021
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Bank return on assets (%, after tax)3.93World Bank Global Financial Development database, 2021
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Bank return on equity (%, after tax)24.05World Bank Global Financial Development database, 2021
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Bank non-performing loans to gross loan (%)6.55World Bank Global Financial Development database, 2021https://fred.stlouisfed.org/series/DDSI02AMA156NWDB
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Domestic credit to private sector (as % of GDP)61.70World Bank Global Financial Development database, 2021https://data.worldbank.org/indicator/FS.AST.PRVT.GD.ZS?locations=AM
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5-bank asset concentration (2021)69.76World Bank Global Financial Development database, 2021
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Bank concentration (2021)55.16World Bank Global Financial Development database, 2021
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Bank deposits to GDP (2021)69.76World Bank Global Financial Development database, 2021
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Major banking crisis in the country
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Major banking crisis (years, main features and consequences)The global financial crisis led to a 14,1% decline in Armenia's GDP in 2009. The banking sector remained relatively stable due to robust regulatory frameworks and prudent banking practices. 2020–2021 COVID-19 Pandemic and Regional Conflict: The COVID-19 pandemic, coupled with the Nagorno-Karabakh conflict, posed significant challenges to Armenia's economy and banking sector.
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