RIGA - Banks based in the Baltic states, now experienced with EU operations and western customer service in addition to previous knowledge of the former Soviet system and Russian language, are moving their business eastward. The most recent example of this is the Latvian owned Lateko Bank, which on Oct. 17 announced that their subsidiary in Armenia, Norvik Universal Credit Organization (NUCO), would become a bank by late next year. "The Armenian market is ready for development in the banking sector and direct investment," Lateko Bank Vice-President Vahram Kamaljan said in a press release ...
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