Monday, June 23 2014 10:28
Ameriabank's factoring portfolio growth stimulates entire market
ArmInfo. Factoring operations of Ameriabank for 2013 grew significantly - by 66% to $40 million as of Jan 1 2014, Gagik Sahakyan, a member of Ameriabank Directorate, Director for Corporate Banking, said at an event organized by the bank on Friday. The share of Ameriabank's factoring operations in the market totaled 47.3% in 2013, which secured the first place for the Bank in the Armenian banking market.
Sahakyan said the bank's factoring operations grew in both the local financial market and the international factoring market. 77% of the bank's factoring operations were effected in the domestic market, with the remaining 23% - in the international market. 58% of the bank's factoring operations for 2013 were non- recourse factoring transactions, amid 42% recourse factoring. As compared to 2012, the bank's recourse factoring transactions grew 6.5%, amid 2.1-fold growth of the non-recourse operations. Non-recourse classic factoring transactions grew 27% in 2013. The bank made 675 factoring transactions in 2013, including 543 in terms of the national currency. The remaining were international factoring transactions.
"Factoring is a very important financial instrument for Ameriabank, as it enables us to support entrepreneurs by providing them with short-term and targeted products and financing their payables. Factoring is a very interesting business for the bank. To effectively organize and stimulate it, we are cooperating with various international organizations and experts," Sahakyan said. He explained that the bank provides factoring services on rather flexible terms and demonstrates individual approach to every customer.
Mikhail Treyvish, President of ARM "OmniGrade", EBRD Adviser for Factoring, who was also present at the event, said he was impressed with the developing factoring market in Armenia and Ameriabank's professional activity in the field. "Ameriabank has a big experience in the given field. This is why big companies and wholesalers have chosen Ameriabank," Treyvish said.
In the course of the event, Ameriabank awarded its best 5 customers for active cooperation in the field of factoring and best 5 bona fide borrowers. Special prizes were given to the customers for the first factoring transaction and the first international double factoring. Ameriabank representatives announced that such events will become annual.
To recall, Corporate Intl Magazine has recognized Ameriabank as the best in offering factoring services in Armenia in 2013. The bank is a member of the Factors Chain International. Ameriabank actively cooperates with wholesale chains, big industrial companies, including in the field of textile production, construction and services.
Ameriabank CJSC is a universal bank providing a full range of investment, corporate and retail banking services and solutions. Ameria Group CY Ltd is the sole owner of the bank.
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