Tuesday, September 13 2011 14:04

ProCredit Bank expanding branch network in Yerevan


ArmInfo. ProCredit Bank is expected to open three new branches in Yerevan till the end of the year. Ashot Abrahamyan, Acting Executive Director, Member of Directorate of ProCreidt Bank told ArmInfo one of the branches will be opened in early October. To recall, in the current year ProCredit Bank has already opened a branch in Yerevan. The bank currently serves 10 branches, including 7 in Yerevan and by one branch in Vanadzor, Gyumri and Artashat.

Earlier Procredit Bank management told ArmInfo that branch network expansion in the country and first of all in Yerevan is one of the technical changes of the bank's activity. The bank envisages a 40% growth of the loan portfolio thanks to funding of the prior spheres: small and medium-sized business and agriculture.

Ranking of Armenian Commercial Banks prepared by ArmInfo says assets of ProCredit Bank totaled 26.9 bln drams as of July 1 2011. The share of credit exposures in total was 77.5% or 20.9 bln drams. The shareholders of ProCredit Bank are ProCredit Holding AG with 68.46%, EBRD with 16,67% and German KfW with 14.87%.
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