Friday, May 27 2011 10:45

EBRD recognizes ARARATBANK most active issuer-bank as part of Trade Facilitation Program


ArmInfo. European Bank for Reconstruction and Development (EBRD) has recognized ARARATBANK the most active issuer-bank 2010 as part of the Trade Facilitation Program (TFP). Under the given program, ARARATBANK issued documentary letters of credits and guarantees in the amount of nearly $4 million in 2010, outstripping last year's indicators fivefold. ARARATBANK press-service told ArmInfo the award was handed to the Executive Director of ARARATBANK OJSC Ashot Osipyan during the general annual assembly of EBRD in Astana.

Under TFP program, the bank introduced a new instrument - Revolving Credit Agreement (RCA), aimed at funding import deals. The bank succeeded in this project as well, and EBRD increased funding 1.5fold.

A. Osipyan highlighted the importance of cooperation with EBRD and said that ARARATBANK's achievements in conditions of high competition in the banking market is the result of the bank's customer-oriented strategy and introduction of new approaches and technologies, and institutional reforms.

ARARATBANK joined EBRD TFP in 2007. Through the program the EBRD provides guarantees to international confirming banks, taking the political and commercial payment risk of international trade transactions undertaken by banks in the countries of operations (the issuing banks).

Ranking of Armenian Commercial Banks prepared by the Agency of Rating Marketing Information (ArmInfo) says ARARATBANK's credit exposures totaled 30% as of April 1 2011 (up 63% per annum). 67% of the bank's loan portfolio is economy sectors financing, including 40%is the share of trade finance (up almost 17% for Q1 2011).
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