Anelik Bank makes "Dram+" deposit more attractive increasing interest rate from 16.25% to 17.75%

 

"Beside the above mentioned changes the depositors of Dram+ deposit will be presented with plastic cards depending on the sum of the deposit. Depositor can receive the interest rate on the deposit at 

the end of each month. Anelik Bank not only renews the range of bank products, but also develops the existing ones, making them more convenient and attractive for the clients, Anelik Bank's PR representative Astghik Martirosyan noted. 

 

It is noteworthy that upward trends in deposit rates in Armenia started at the end of 2014. ProCredit Bank increased the interests on time deposits in the national currency to 16%-18% in December. Anelik 

Bank, in turn, introduced Dram+ deposit at the annual interest of 16%- 16.25% in January. Later, in February, Areximbank- GPB-Group introduced Classic Plus deposit at the annual interest of 15%-17%. A number of other banks also followed this trend. As a result, dram deposit rates increased from 11% to 15-16% in 2015.  

 

According to the Financial Rating of Armenian Banks by the Agency of Rating Marketing Information (ArmInfo), Anelik Bank was the leader in term of y-o-y growth of time deposits moving closer to the top 10 by the volume of deposit portfolio as of 1 October 2014. At the same time, the Bank managed to increase time deposits of physical entities by 30% year-over-year. For the 9 months of 2015 the bank ensured yoy growth of time deposits by 21.4% and the deposits of physical entities by 35.1%, taking its place among the leading ten banks in absolute terms.  The sole owner of Anelik Bank is Credit Bank S.A.L.  (Lebanon), which increased its stake in the Bank from 89.95% to 100% 

in Q4 2013.