Ameriabank offers custom financing and classic factoring services

05.11.2010 13:38
Ameriabank offers custom financing and classic factoring services

YEREVAN, November 5. /ARKA/. Ameriabank will start providing new banking services – custom financing and classic factoring.

Levon Arevshatyan, the bank’s director in charge of corporate clients, said that Ameriabank is the first bank in Armenia to provide these innovation services.

He said that as a rule banks demand certain collaterals from entrepreneurs for extending loans to them.

“However, there are some financing instruments and schemes, which need no collateral,” he said. “These new services are among them.”

Arevshatyan said that the Ameriabank-offered custom financing is intended for those clients having contracts on delivery of goods or provision of services and having made prepayment, but who can’t afford to complete the custom.

He said that in such cases the bank is ready to finance up to 75% of the cost of a contract.

The main requirement to the supplier organization is a good credit and business records.

The director said that such loans will be extended in drams, dollars and euro. The maximal size of a loan is $200,000. The money will be lent at a 16% annual interest rate.

Speaking about the classic factoring, Arevshatyan said that this service is intended for suppliers of goods and services who have performed delivery contracts, on which payment is carried out later.

In such cases, Ameriabank is ready to reacquire contracts from suppliers. After repurchasing these contracts, the bank becomes the heir on delivery contracts.

The director said that only those suppliers having contracts with 11 Armenian well-known and backbone companies are eligible to enjoy the classic factoring service.

Armenia-International Airports, ArmenTel (Beeline brand), Yerevan Brandy Factory, Jerevan Jur water-supplying company, Zangezur Copper and Molybdenum Combine, Armenian Electric Networks, ArmRosgasprom, Armenian Nuclear Power Plant, South Caucasus Railways, K-Telecom and RUSAL-ARMENAL are among these companies.

Arevshatyan said that Ameriabank has earmarked $2 to $3 million for providing these two services.

Suren Kocharyan, head of Ameriabank’s trade financing division, said that these services would spur development of small- and mid-scale businesses in Armenia.

He said the custom-financing service would be provided at a 16% annual interest rate. The maximal term of such loans is 180 days.

Classic factoring will be provided for 120 days at a 14% interest. Such loans will be extended only in Armenian national currency.

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 market maker of IMEX Group’s bonds.

According to ARKA News Agency’s data, Ameriabank’s assets totaled AMD 152.5 billion and liabilities AMD 121.3 billion by late September.

The bank’s total capital amounted to AMD 31.2 billion and authorized capital AMD 25.5 billion (ranked first among Armenian banks).

Its credit portfolio amounted to AMD 90.3 billion by September 30, liabilities to clients totaled AMD 75.2 billion and net profit for Jan-Sept AMD 2077.7 million.

The bank has nine branches in Armenia.($1 = AMD 358.48).  –0—

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