Tuesday, November 26 2013 15:46

Ardshininvestbank receives second credit tranche of USD 5.0 million from the American company "World Business Capital"


ArmInfo. Ardshininvestbank received the second credit tranche of USD 5.0 million under the Loan agreement for USD 10.0 million signed with the American company "World Business Capital" (WBC) on 14th March, 2013, guaranteed by the U.S. Government's Development Finance Institution OPIC (The Overseas Private Investment Corporation).

The press service of Ardshininvestbank reports that the first tranche in an equal amount of USD 5.0 million has been successfully utilized by the Bank.

Like in case of the first tranche, these funds will be channeled to financing small and medium-sized enterprises (SMEs), as the Bank's main target group.

Mher Grigoryan, Chairman of the Management Board of Ardshininvestbank, emphasized: "Actually the whole branch network of the Bank will be involved in this process, providing sub-loans with the interest rate from 10% per annum and a tenor of up to 5 years."

According to ArmInfo's Rating of Banks of Armenia, as of Sept 30 2013 Ardshininvestbank's assets made up 261.9bln AMD (4th rank), wherein 63% or 164.6bln AMD were loans (3rd rank). 40% of loans or 50.2bln AMD were loans given to SMEs (top three). The net profit made up 4.1bln AMD (top three).

Set up in 2003, Ardshininvestbank is owned by the Center for Business Investments (97.23%). It has the second largest branch network (55 branches in Armenia and Nagorno- Karabakh).
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