Thursday, September 16 2010 19:19

Ameriabank intends to join KfW mortgage program


ArmInfo. Ameriabank intends to get involved in the mortgage program of German KfW Bank, Chairman of Directorate, Director General of Ameriabank Artak Hanesyan said today. He added that one of the participants in the given program is Cascade Bank, which was merged with Ameriabank in June 2010.

Head of the Armenian representation of KfW Karapet Gevorgyan told ArmInfo correspondent that the growth of the number of KfW mortgage programme participants will contribute to dampening of crediting terms, particularly, to reduction of interest rates for borrowers under conditions of intensifying competition. According to him, almost all the banks of Armenia expressed a desire to participate in this program, which is proved by the applications submitted to the German-Armenian Foundation. "Nevertheless, the Central Bank of Armenia and GAF will replenish the list of the programme participants with due regard for the compliance of the banks and credit companies with the programme criteria",- said Gevorgyan.

To recall, on April 19 KfW and the Central Bank of Armenia signed an agreement worth 20 mln EUR in Yerevan to continue the programme on development of housing financing stable market. Under the given programme, in 2007 KfW provided 12 mln EUR to Armenia in two equal tranches. Initially 6 commercial banks and 2 universal credit companies, namely, Armeconombank, ARARATBANK, Cascade Bank, Areximbank, ITB (renamed into Byblos Bank Armenia in late 2007), INECOBANK, First Mortgage Company UCO and Washington Capital UCO, however, in August 2007 Anelik Bank, ArmBusinessBank and Ardshininvestbank joined them. During the first stage of the programme worth 12 mln EUR the minimal loan redemption period was 10 years, minimal amount of prepayment was 30% of the housing value, and the maximal amount of the loan - 12 mln AMD.

To note, as of 1 July 2010 the mortgage portfolio of Ameriabank amounted to 4.9 bln AMD ($13.2 mln) - the 7th position in the banking system.
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