YEREVAN, May 26. / ARKA /. Armenian Araratbank was recognized by the European Bank for Reconstruction and Development (EBRD) as the most active issuing and confirming bank of Armenia in 2010 within the framework of Trade Facilitation Program (TFP).

The award was handed to Araratbank executive director Ashot Osipyan during EBRD’s annual general meeting in Astana, Kazakhstan.

As part of TFP implemented together with the EBRD Araratbank issued in 2010 more than $4 million worth documentary tools, five times more than in 2009. It also introduced a new tool to renew loan agreement for financing import transactions.

The bank’s executive director said this achievement in a highly competitive banking market was the result of a clear strategy to maximize customers' needs, application of new approaches and technologies, as well as institutional reforms. Araratbank offers letters of credit, guarantees and loans to finance trade.

Araratbank, previously called Haykap Bank, was founded in 1991 and provides a full range of banking services to corporate, MSME and retail customers. The bank has established a reputation as a small but reliable and dynamically growing financial institution. EBRD holds 25% in Araratbank. The rest is held by Barsegh Beglarian, head of the biggest petrol importing company Flash. Araratbank joined NASDAQ OMX Armenia January 30, 2009.

The EBRD, owned by 61 countries and two intergovernmental institutions, is supporting the development of market economies and democracies in countries from Central Europe to Central Asia –0—