ArmInfo.IDBank and Export Insurance Agency of Armenia (EIAA ICJSC) signed a memorandum of cooperation with the aim of helping to increase production and export volumes and develop the business environment. As the press service of the Bank told ArmInfo, the document was signed by the acting Chairman of the Board of IDBank Ruben Melikyan and Chairman of the Directorate, Executive Director of EIAA Armen Shahnazaryan.
"IDBank, aware of the importance of assistance to local producers and exports, will issue unsecured loans for the purchase of working capital to exporters as part of this memorandum on EIAA certificates issued, while allowing the foreign buyer the possibility of a deferred payment, thereby eliminating the risk of default. EIAA covers both commercial and political risks, in case of default on the part of a foreign buyer, "- explained in the message of the Bank.
Sergey Virabyan, Director of Corporate Business Development at IDBank, underlined: "Under this memorandum, the Bank will provide financial resources to legal entities and private entrepreneurs - residents of Armenia under the simplified procedure and on affordable terms. Purchase of raw materials, materials and packaging necessary for production, transport and customs expenses, as well as export of products with the condition of deferred payment. . In other words, the Bank, in cooperation with the EIAA, offers favorable conditions both at the production stage and during the post- export period. The new product IDBank, containing a minimum of risks for both the bank and exporters, will assist the development of small and medium-sized businesses and will enable the withdrawal of local products to new foreign markets. Thus, IDBank, while remaining true to its new policy, continues to bring to the market new tools to promote the development of the Armenian economy. "
According to the Financial Rating of Armenian Banks, prepared by ArmInfo News Agency, the assets of Anelik Bank - now IDBank - by July 1, 2018 amounted to 120.4 bln AMD. The volume of credit investments of the Bank amounted to 75.1bln AMD (62.3% of the bank's assets), of which 63.1% or 47.4bln AMD was accounted for by corporate crediting. Net profit increased by 55.1% year-on-year to 2.5 billion AMD in the first half of 2018. (The calculated rate of the dram as of 30.06.2018 is 482.24 AMD / $ 1).
To note, IDBank (until May 31, 2018, referred to as Anelik Bank) operates in the Armenian market since October 1996. The shareholders of the Bank are: Cyprus company FISTOCO LTD with a stake of 59.68% and Lebanese Bank CreditBank S.A.L - 40.32%. Indirect majority shareholders are physical persons: Tarek J. Khalefe (CreditBank S.A.L) and Vartan Dilanyan (FISTOCO LTD).