Thursday, January 27 2011 14:20
Citibank opens two credit lines in amount of US$9 million in total to Ardshininvestbank
ArmInfo. Citibank has opened two credit lines in the amount of US$9 million in total to Ardshininvestbank. US$4 million of total amount (1 year maturity) is the trade finance guarantee confirmation and the remaining US$ million is an intraday credit for cash management, Ardshininvestbank press-service reported.
Ardshininvestbank has been cooperating with Citibank since the moment of functioning and was twice awarded by Citibank for high quality transfers in terms of US dollars as confirmation of cooperation and mutual confidence.
Acting Chairman of Ardshininvestbank Board Karapet Gevorgyan says provision of credits confirms the bank's reputation of a reliable partner.
"This makes us be even more responsible to our customers and our foreign partner-banks," he says. The published financial reports say the loan portfolio of Ardshininvestbank totaled 75.4 billion drams on Jan 1 2011 (up 35% versus Jan 1 2010). Nearly 70% is the share of loans to the economy sectors, including almost half were industrial loans and 10%-11% was trade and service finance.
The majority shareholder of Ardshininvestbank is Business Investments Center LLC with 87.23% and IFC with 10%. The bank occupies the second position in the banking system of Armenia in terms of the branch network: 55 branches, including 13 in Yerevan, 36 in regions and 6 in NKR, as well as an office in Paris. Moody's assigned Ba1 Long-term and Not Prime Short-Term global local currency deposit ratings to Ardshininvestbank as well as Ba3 long-term and Not Prime short-term foreign currency deposit ratings and a bank financial strength rating ("BFSR") of "D-".
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