Thursday, July 4 2013 15:50

ACBA-Credit Agricole Bank starts subsidized lending under Affordable Housing for Young Families Project


ArmInfo. Under the Affordable Housing for Young Families Project, ACBA-Credit Agricole Bank has started subsidized mortgage lending to young families. The press service of the Bank has told ArmInfo that the loans are provided to the families wishing to buy inexpensive housing in Yerevan or regions of Armenia.

The source says that the loans are provided for 10 years in terms of Armenian drams at the nominal rate of 10.5%. The Bank subsidizes 2% if the housing is bought in Yerevan and 4% for the housing in the regions.

According to the Financial Rating of the Banks of Armenia prepared by the Agency of Rating Marketing Information (ArmInfo), ACBA-Credit Agricole Bank is among the top leading banks in terms of mortage lending. As of 1 April 2013, the Bank lent 5.4 bln AMD (up 8% versus the same period of 2012, up 6% over Q1 2013). The share of mortgage lending in the Bank's loan book is about 3%. The Bank is among the top three leading banks in terms of total lending.

To note, ACBA-Credit Agricole Bank was founded in 1996. As of 1 April 2013, the shareholders of the Bank were Credit Agricole S.A. with a 15.56% stake, SJSC "Sacam International" (member of Credit Agricole S.A) - 12.44%, Director General of the ACBA-Credit Agricole Bank Stepan Gishyan - 1%, as well as 10 regional farm unions.
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