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.
