In September 2006 a new Credit Company Norvik UCO cjsc which is the daughter organization of Latvia-Iceland "Norvik Banka" started crediting activities in Armenia. “Norvik” UCO cjsc was registered and licensed by the Central Bank of Armenia in July of 2006 with an authorized capital of USD 500 000 and started crediting activities at the end of 2006 with an increased authorized capital of USD 1,7 million. The CEO of the Company is Alexandr Teryan, a professional with work experience both in the Central bank of RA and in local and international financial institutions. The Company is ready to offer syndicated loans for business structures in almost of the spheres, while a special attention is attributed to the finance of import. Both Latvian and European banks, as well as representations of foreign banks established in Armenia can become a part of these syndicates As the chairman of the board of Norvik Banka Andrey Svirchenkov stated, the new credit organization can not only offer new technologies and mass bank products, but also a well designed risk management system. The official visit of Latvian delegation to Caucasus in October 2005 headed by Vayron Vike-Freiberg and the International banking conference held in Yerevan became a great impulse for business development between the two countries. Special cooperation groups have been created both in Armenian and Latvian parliaments and activities on creating Trading Palaces have commenced. In April, 2006 the representative delegation of “Norvik Banka” headed by Andrey Svirchenkov visited Armenia and met the Chairman of Central Bank of RA. The Latvian bank is rather famous in our country and the entrance into our market is greeted considering its great experience in the sphere of consumer credits which is starting to develop in Caucasus.