Wednesday, September 19 2018 14:35
Karine Melikyan

IDBank in cooperation with EIAA will provide local  producers-exporters with affordable, unsecured, risk- free financing

IDBank in cooperation with EIAA will provide local  producers-exporters with affordable, unsecured, risk- free financing

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).  

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Government Bonds

Issue volume

10 billion

Volume of T-bills for placement

200 million

Volume of submitted competitive applications

200 million

Volume of satisfied bids

200 million

Yield at cut-off price

 5.8314%

Maximum yield

 5.8314%

Мinimum yield

 5.8314%

Weighted average yield

 5.8314%

Number of participants

2

The maturity date of T-bills

03.02.2020

ArmEx

 

СПРОС (Покупка)

USD

Средневзв. Цена

482,00

ПРЕДЛОЖЕНИЕ (Продажа)

  USD

Средневзв. Цена

-

СДЕЛКИ

USD

Цена откр.

482,00

Цена закр.

482,00

Мин. Цена

482,00

Макс. Цена

482,00

Ср/взв. Цена

482,00

-0.16

Кол-во сделок

1

Объем (инвал.)

200 000

0бъем (драм)

96 400 000