Saturday, May 19 2012 14:07

ProCredit Bank expanding into regions


ArmInfo. ProCredit Bank is expected to open a branch in Armavir region in the current year and another one in Kotayk region in 2012. In addition, the branch network in the capital city will be expanded in 2013, Asmus Rotne, ProCredit Bank Executive Director told ArmInfo.

By the latest data, the bank serves 12 branches: 9 in Yerevan and 3 in the regions (Vanadzor, Gyumri, Artashat).

By the Ranking of Armenian Banks prepared by ArmInfo total capital of the bank amounted to $13.6 mln as of April 1 2012, with assets totaling $80.5 mln. The share of loans in assets totaled 80% or $64.4 mln. The bank is specializing in SME finance (over 82% or almost $53 mln) of the loan portfolio.

ProCredit Bank entered the market in Feb 2008. ProCredit Holding AG holds a 68.46% stake in the bank, EBRD - 16.67% and German KfW Bank - 14.87%.
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