YEREVAN, July 20, /ARKA/. Armenian ProCredit bank has announced a new type of loans called
‘Turnover’ for small and medium-sized businesses. The bank said in a press release Tuesday  that loans are provided in Armenia’s national currency, the Dram,  from 3 to 50 million Drams and are repayable in 18 months. The annual interest rate is 15%. The loan is provided with a free repayment schedule. The new loan is available until August 31.

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%). According to ARKA data, on June 30 its total reserves  stood at 19.4  billion Drams, its liabilities were wroth 13.7  billion Drams, the total capital – 5.7  billion Drams,  credit investments – about  14.4 billion Drams. In the  second quarter of 2010 it sustained 85 million Drams in net losses. The bank has 9 branches. ($1 – 363.44). Drams. -0-