Wednesday, March 4 2020 15:57

ArmInfo. ArmSwissBank and the Armenian Leasing Company will cooperate in the provision of financial services. The heads of the two structures Gevorg Machanyan and Arsen Bazikyan signed the cooperation agreement yesterday.

According to the report, the parties agreed on cooperation in the  provision of financial services, which will cover three main areas.

Thus, the Armenian Leasing Company (Armleasing) will provide  specialized leasing services to bank customers, while the service may  include both servicing the leasing process itself and the provision  of other financial and non-financial services, including  consultations, bank letters of credit, and guarantees.

Armleasing will finance leasing operations at its own expense, and  will also receive credit assistance (inter- bank loans or credit  line) from the bank to finance ongoing leasing projects.

Projects will be financed by two financial institutions on the basis  of co-financing, taking into account the strengths of the two  companies in the market, positioning, and also in terms of the  possibility of providing special offers.

As Executive Director of ArmSwissBank Mr. G.M. Machanyan noted,  cooperation will be beneficial both to the parties to the contract  and to customers and suppliers of the leasing market, who will  receive more flexible and profitable financial solutions.  CEO at  Armenian Leasing Company A. Bazikyan noted the agreement as a new  interaction format for the Armenian market, the main principle of  which is not competition, but the effective combination of the  advantages of the two structures.

To note, the Armenian Leasing Company (Armleasing) was established in  August 2019 and had been registered in the Central Bank of Armenia on  December 10 of the same year. The sole owner of Armleasing CJSC is  PARTNERS INVEST LLC. As of January 1, 2020, the company's assets  amounted to 359.8 mln drams, total capital - 234.9 mln drams,  registered capital - 250 mln drams.  

To recall, ArmSwissBank CJSC was established on October 7, 2004. As  of January 1, 2020, ArmSwissBank's assets amounted to 282.7 billion  drams, total capital - 59.7 billion drams, credit investments and  other loans - 97.1 billion drams. Over 84% of the bank's loan  portfolio is accounted for by financing the economy. The bank  completed the year 2019 with a profit of 8.99 billion drams (y-o-y  growth of 78%), ranked the 4th in the market for this indicator.