Russian Fora-Bank has taken a significant step in expanding its international presence by opening a representative office in Yerevan, the capital of Armenia, in June. This information, first discovered by the publication "Kommersant," has been confirmed on the bank's official website.
The new office, headed by Zaven Harutyunyan, will not conduct direct banking operations. Its primary function will be to represent Fora-Bank's interests in Armenia and maintain relationships with clients and counterparties.
One of the key areas of Fora-Bank's activities in Armenia will be the development of cross-border money transfers. The bank already collaborates with seven Armenian banks, including Ameriabank, one of the largest in the country. The commission for transfers is 1%, with outgoing transfers conducted only in Russian rubles.
The opening of a representative office in Armenia is a rare event for the Russian banking sector. According to the Central Bank of Russia, only 17 Russian banks have overseas representative offices, with most of them limited to a single office in various countries.
