EBRD Increases Its Capital in ProCredit Armenia Bank by $1 Million

28.09.2010 12:20
EBRD Increases Its Capital in ProCredit Armenia Bank by $1 Million

YEREVAN, September 28, /ARKA/. The European Bank for Reconstruction and Development has increased its capital in ProCredit Armenia Bank by $1 (one) million raising its total chartered capital to 6.49 billion Drams, ProCredit Armenia Bank chief executive officer, Bertolt Hertzfeldt, told journalists Monday.

He said the share of founders of ProCredit Bank, ProCredit Holding AG, KfW and EBRD rose to 68.46%, 16.67 % and 14.87% respectively. ProCredit Holding AG board chairman Christoph Freytag said the bank attracts funds to increase its capital and will continue this strategy that allows it to increase its share in the Armenian market as well. He said despite some changes in the chartered capital ProCredit Holding AG’s share will not exceed two thirds.

Gerald Hubner, ProCredit Bank board member and a representative of KfW said KfW is also likely to increase its share in ProCredit Armenia Bank next year.

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.

On June 30 its total assets totaled 19.4 billion Drams, liabilities stood at 13.7 billion Drams, the total capital was worth 5.7 billion Drams, the outstanding credit portfolio was 14.4 billion Drams and it had a deposit portfolio of around 8 billion Drams. In the first half of 2010 it earned 865 million Drams in net profits. The bank has nine branches. –0-

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