The dynamics of Growth Rates of Armenian Banks and Other Commercial and Financial Institutions at the end of 19th and early 20th century


Vardan B. Yesayan

Key words  – Commercial Bank of Tiflis, Mutual Credit Organization, banking capital, Armenian bank, working capital, shortterm and long-term credit organizations.

Armenian banking institutions were established in the state of Tiflis during the 70s of 19th century, being the first of their kind in the Caucasus region. Some of the larger banks established with Armenian capital were Commercial Bank of Tiflis, Mutual Credit Organization and Tiflis City Credit Organization, which played a key role in the financial-economic life of state of Tiflis and Transcaucasia region, as well as stood out with the activity of their charitable organizations. Banking institutions with Armenian capital have been established not only in Tiflis, but also in other settlements of the state.

With the establishment and development of banking institutions, their ties with the industrial sector grew stronger, which eventually led to the merger of the two and the establishment of financial capital.

The larger representatives of Armenian financial-banking capital made an attempt to establish a unified Armenian bank, which could compete with large Russian banks. However, Bolshevik revolution and the fair of Russian Empire made the realization of this project impossible.

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