Wednesday, October 27 2010 10:58
Nerses Karamanukyan: Ardshininvestbank's cooperation with BSTDB to allow stimulating SME development
ArmInfo. During today's meeting with Chairman of the Council of Ardshininvestbank Karen Safaryan and Chairman of Board of the bank Nerses Karamanukyan, the delegation of the Black Sea Trade and Development Bank (BSTDB) headed Andrey Kondakov discussed the possibilities of bilateral cooperation. The press service of Ardshininvestbank told ArmInfo that in particular, the matter concerned Ardshininvestbank's possible direct investing, SME crediting. The meeting also covered issues related to the program of global trade financing, leasing operations by the bank with their further growth.
"We will be glad to cooperate with BSTDB, as this will allow us to stimulate development of small and medium enterprises and will also help large enterprises to overcome the consequences of the hard economic situation. The bank will consistently expand the frames of cooperation with international financial structures to attract funds to the Armenian market and contribute to stabilization of the country's economy",- said Karamanukyan.
According to the source, the participants also discussed the development rates of specific spheres of Armenian economy being of some interest for BSTDB, and the possible directions of financing the development of activity of Ardshininvestbank's strategically large clients.
To note, BSTDB was founded in 1997 according to the agreement signed among 11 member countries of BSEC (Albania, Azerbaijan, Bulgaria, Turkey, Armenia, Greece, Moldova, Russia, Romania, Georgia, Ukraine) and launched its activity in 1999. Armenia's share in BSTDB is 1%, and about 5% in the active portfolio. Since 1999 BSTDB has financed 169 projects worth a total of 2.1 bln USD. As of the end of 2009 the BSTDB credit portfolio amounted to $891 mln. In Armenia the bank is implementing 10 projects worth a total of $70 mln.
As of 1 October 2010, the total capital of Ardsininvestbank amounted to 28 bln AMD, assets - 115 bln AMD, provision of crediting - 60 bln AMD. The major part of the credit portfolio falls on industrial sector. Trade, public catering, services and agriculture rank next. Over Jan-Sep 2010 the bank's net profit made up 1.5 bln AMD. To recall, by its branch network the bank holds the second position in the Armenian banking market. It has 55 branches (13 in Yerevan, 36 in regions, and 6 in Nagorno-Karabakh).