Central Bank of Armenia registers new branch of Procredit Bank

30.06.2010 12:35
Central Bank of Armenia registers new branch of Procredit Bank

YEREVAN, June 30, /ARKA/. Armenia’s Central Bank said it has registered a new branch of ProCredit Bank called Moskovian. The decision was made June 28 by the Central Bank Council meeting chaired by governor Arthur Javadian.

ProCredit Bank closed joint stock company launched its activities in Armenia on February 5 2008. It is a full-service bank with a 100% foreign capital, focused on lending to small and medium sized enterprises and offering a full scale of banking services to private individuals and legal entities. Another important area of ProCredit Bank’s focus is to promote savings culture among the population, by starting even from small amounts. ProCredit Bank in Armenia is a member of ProCredit Group, consisting of 22 financial institutions operating in Eastern Europe, Africa and Latin America, which are governed by ProCredit Holding AG located in Frankfurt am Main, Germany. Founders of ProCredit Bank are ProCredit Holding AG (67.49% shares), KfW (15.84%) and EBRD (16.67%).

On March 31 its assets totaled 17.9 billion Drams, liabilities stood at 12.4 billion Drams, the total capital was worth 5.4 billion Drams, credit investments amounted to 13.2 billion Drams. In the first quarter of 2010 it earned 9 million Drams in net profit. The bank has 9 branches in Yerevan.-0-

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