Wednesday, December 28 2011 18:34

In 2011 Ameriabank to ensure 80% growth in factoring portfolio


ArmInfo. By the end of 2011 Ameriabank is going to increase its factoring portfolio to about 2 bln AMD (80% y-o-y growth).

The press service of Ameriabank told ArmInfo that over Jan-Nov 2011 vs Jan-Nov 2010 the Bank increased the factoring portfolio by 65% to 1.4 bln AMD. Alongside with the standard factoring financing, Ameriabank has been also providing classical factoring for over a year. As of 30 Nov 2011, the share of classical factoring in the total factoring portfolio of the Bank made up 29%, or over 400 mln AMD. Without recourse, the volume of factoring transactions as of 30 Dec 2011 totaled 200 mln AMD, which is over 14% of the total factoring portfolio of the Bank.

"In 2012 Ameriabank will continue actively working on factoring operations, expanding the spectrum of factoring services, and developing the international factoring transactions", the source says.

To note, factoring operations and the factoring market started developing in Armenia in early 2000. In 2002-2003 the turnover amounted to 12-15 mln USD. The decline started from 2004 and the volume of operations reached the zero level. Starting from 2006 the banks again showed their interest in factoring. Ameriabank started making factoring transactions in 2008.
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