Number of Ameriabank’s trade financing contracts currently in force doubles

19.08.2010 11:39
Number of Ameriabank’s trade financing contracts currently in force doubles

YEREVAN, August 18. /ARKA/. The number of Ameriabank’s trade financing contracts (secured by letters of credit and guarantees) currently in force has doubled and portfolio has grown 1.2 times since the beginning of this year, the bank’s press office reported on Wednesday.

The Ameriabank started developing its commercial and credit instruments in 2009.

International Finance Corporation has contributed a great deal to this process by providing commercial and loan guarantees of $10 million to Ameriabank.

A similar contribution, $2 million, came also from the European Bank for Reconstruction and Development.

Another $10 million came as loans from foreign commercial banks.

These factors enabled Ameriabank to enlarge the financing of its clients’ foreign commercial deals.

The bank’s guarantees portfolio grew 1.6 times in the second quarter of this year, compared with the same period a year earlier, to AMD 6.7 billion, and the portfolio of credit letters showed the record 56-time year-on-year growth at the mentioned period reaching AMD 2.4 billion.

The Ameriabank CJSC (former Armimpexbank) was founded in July 1992 using the facilities of the Armenian branch of the USSR Vnesheconombank (Foreign Economy Bank). On September 8, 1992, the bank received a banking license from the Central Bank of Armenia.

In August 2007, TDA Holdings limited, affiliated with Troika Dialogue, Russia’s leading investment company, purchased the bank’s shares.

On November 3, 2008, Armenian Stock Exchange gave Ameriabank the status of the market maker of the IMEX Group’s bonds.

The bank has six branches in Armenia. ($1 = AMD 367.52). –0--

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