Norvik intends to resume lending money

24.12.2009 19:55
Norvik intends to resume lending money

YEREVAN, December 24. /ARKA/. Norvik Universal Credit Organization intends to start offering new products on Armenian market in the first quarter of 2010, the organization’s press office reports.

Norvik also intends to resume lending money to the country’s population and businessmen.

“The universal credit organization has also decided to shift its focus toward corporate crediting, and consumer lending will be connected with it directly,” Tigran Bostanjyan, a member of Norvik’s board, said on Thursday.

The organization will start working with clients as investment bank.

Norvik intends to expand its activity and to embark on searching reliable and reasonable businesses for supporting them by expending loans.

The organization doesn’t rule out possibility of its participation in such companies’ capital.

“This will come as Norvik’s first step toward corporate business,” the press release says.

Norvik CJSC was established in February 2006.

This universal credit organization is a subsidiary of Latvian- Icelandic Norvik Bank.

In the beginning of 2006, the company with its authorized capital amounting to $500,000 got a license and registration by the Central Bank of Armenia.

The company started functioning in late September 2006 with the authorized capital enlarged to $1.7 million.

Norvik Universal Credit Organization’s assets totaled AMD 15.4 billion by late September 2009.

The organizations proceeds for three quarters of this year totaled AMD 2.3 billion.

Its total capital amounted to about AMD 3 billion and standard capital AMD 2.8 billion by late September.

Norvik’s credit portfolio amounted to AMD 11.1 billion and constituted 72% of total assets. ($1 = AMD 375.80).  --0—

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