Wednesday, February 16 2011 11:57
Over 2010 SME portfolio of Unibank grew by 25% to 48.4 bln AMD
ArmInfo. Over 2010 Unibank increased the portfolio of loans for small and medium enterprises (SME) by 25% to 48.4 bln AMD. The press service of Unibank told ArmInfo that the number of business loans provided over that period almost doubled. According to the source, in 2011 the bank is going to increase the crediting volume by 10 bln AMD due to elaboration and introduction of new credit products and simplification of procedure of the customers' access to the bank resources.
Chairman of Board, Director for Corporate Business of Unibank Ara Avagyan said that SME financing is a priority direction in the bank's credit policy. "We try to offer most favorable conditions of crediting to our customers regardless of the amount and sphere of their activity. For instance, for small business the bank envisages a credit product without a compulsory pawn, a letter of guarantee from an individual or a legal entity is enough. The bank always makes advances to its customers and admits premature redemption of the loan without any restrictions or penalties", he said.
At the same time, the bank has worked out two new credit products - "Uni-Express" and "Uni-Micro" meant to support small business development. The funds are provided for up to 48 months in Armenian drams, US dollars or Euros. The maximum amount of a "Uni-Express" loan is 3 mln AMD, and the maximum amount of a "Uni-Micro" loan ranges from 3 mln to 5 mln AMD. The interest rate on the loans is fixed at 17-22%, depending on the currency of crediting. The loan may be provided to an enterprise or a private entrepreneur working in the sphere of production, trade or services for no less than 3 months.
According to the Ranking of Commercial Banks of Armenia prepared by the Agency of Rating Marketing Information (ArmInfo), as of 1 January 2011 Unibank occupied the 6th position by total provision of crediting (75.4 bln AMD, 11.4% annual growth).
In the bank's credit portfolio about 64.6% or 48.7 bln AMD fell on the loans to economy (21% annual growth) and by the parameter the bank occupied the 5th position.
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