Friday, June 14 2013 19:47

EBRD assigns Araratbank the status of confirming bank


ArmInfo. The EBRD has assigned Araratbank the status of confirming bank.

A relevant agreement was signed by CEO of Araratbank Ashot Osipyan and Head of the EBRD Yerevan Office Valeriu Razlog on Friday.

Osipyan said that now Araratbank has the same status as Commerz Bank, Raiffeisen Bank, Deutsche Bank and other world leaders.

He said that Araratbank has always been active in international trade financing.

In 2012 it carried out letter of credit transactions worth $7.8mln and concluded short-term revolving credit agreements worth $10mln.

According to ArmInfo's Ranking of Commercial Banks of Armenia, as of Apr 1 2013 Araratbank was among the 10 biggest economy creditors in the country's banking sector. It corporate loan book made up 44bln AMD (55% of all loans), with 45% given to trade, 10% to industry. SMEs have a 46% share in the bank's loan book. As of Apr 1 2013 the bank's assets made up 115.5bln AMD, capital 17.4bln AMD, ROA 0.62%, ROE 4.36%.

The majority shareholders of Araratbank are Flash LLC (69.24%), EBRD (25%+1) and Rural Impulse Fund II (5%).
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