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In early September Stepan Gishian, the president of Armenian Cooperative Bank for Agriculture (ACBA) was again in London. The occasion was a pleasant one- to participate in the prize awarding ceremony for being recognized as the best bank of Armenia along with banks with other 126 countries in a competition organized by the analytical magazine The Banker, run by the London-based Financial Times daily.

ACBA have been recognized the best bank of Armenia for three uninterrupted years. For those who are usually question the value of such prizes we are saying that it was not bought, as happens with other reorganizations. The winner was decided based on an unbiased methodology. The banks receive a questionnaire to fill in; the rest belongs to the experts in the Financial Times, which retrieve information about banks from all possible and impossible sources. The winner is not necessarily a big bank, what is important is the scope of its successful activity. Another important fact-ACBA has become the first bank that has reached the ceiling of $7.5 million of aggregate capital.

By Ara Aramian

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