Monday, May 30 2011 15:35
ACBA Leasing and Zeppelin Armenia sign Vendor Finance Co-operation Agreement in amount of $7.5 mln
ArmInfo. ACBA Leasing Company and Zeppelin Armenia Company have signed the first Vendor Finance Co-operation Agreement in the amount of $7.5 mln. Director of ACBA Leasing Stepan Gishyan and Director General of Zeppelin Armenia Heiko Kreisel signed the agreement.
ACBA Leasing Director General Stepan Gishyan said at the meeting timed to the signing of the Agreement that leasing transactions for the above amount of sum will be financed within 2011-2012. Under the Agreement, the leasing terms are as follows: the prepayment is 20% of the cost of the leased object and the annual interest is 12%-16% depending on the currency of the contact. The maturity is 3-60 months with possibility of early redemption without commissions.
S. Gishyan said that ACBA Leasing and Zeppelin Armenia have agreed to provide CAT equipment for an unprecedented annual interest of 9.9% in the period from June 1 to 30. "CAT equipment is in demand in Armenia. Alongside with financing, we do not rule out more complicate financial operations with possible use of the financial resources of ACBA-Credit Agricole Bank," S. Gishyan said.
For his part, Heiko Kreisel said that the Agreement is an important step for the company's further development. Cooperation with ACBA Leasing, he said, will allow Zeppelin Armenia boosting sales and providing leasing objects to the existing and new customers on ideal terms. For his part, Deputy Director General of ACBA Leasing Arsen Bazikyan said that funding under such agreement is widely practiced in the world to provide accessible resources to economic entities for business development. ACBA Leasing cooperates almost with 150 local and foreign producers.
Zeppelin Armenia LLC was founded in 2005. It is the sole representatives of Caterpillar Company in Armenia. The company sells construction, road construction, pit equipment etc, as well as provides technical services and delivers a great variety of spare parts and components.
Ranking of Armenian Credit Companies prepared by the Agency o Rating Marketing Information ArmInfo say total capital of ACBA Leasing amounted to 2.4 bln drams as of April 1 2011. Assets totaled 8 bln drams, including 57% or 4,6 bln drams was the loan portfolio. ACBA Leasing is the leader in terms of the above indicators in the market encompassing 3 leasing companies. The company entered the market in 2003. Services of ACBA Leasing are available at all the 40 branches of the parent ACBA-Credit Agricole Bank.
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