EBRD – ARMENIA
August 1st, 2005
BY KEITH NUTHALLTHE EUROPEAN Bank for Reconstruction and Development (EBRD) is to give the growing non-life insurance sector in Armenia a shot in the arm by acquiring a 35 per cent stake in the country's Cascade Insurance and Reinsurance Company (CIRCO). A leading insurance player in Armenia, the EBRD said it wanted to help meet the growing demands for insurance in the Caucasus ex-Soviet republic. The investment is the bank's first in Armenia's non-banking financial sector. Its Armenian Dram (AMD) 88.4 million (US$200,000) investment will, said the bank, "help ...
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