YEREVAN, December 28, /ARKA/. Armenia-based Ameriabank said the volume of its factoring transactions in the first 11 months in 2011 amounted to 1.4 billion drams, a 65% rise over the same time span in 2010.

According to a press release, along with standard factoring financing the bank offers its clients also classical factoring. It said the volume of classical factoring transactions in the first 11 months of 2011 amounted to more than 400 million drams, or 21% of all factoring transactions. The volume of factoring transactions without recourse as of November 30, 2011 reached 200 million drams, which made more than 11% of the factoring portfolio.

"According to preliminary calculations, the volume of factoring transactions in 2011 will exceed the figure of 2010 by more than 80% to reach about 2 billion drams", the press release said.

It says in 2012 Ameriabank will seek to increase the number of factoring transactions by expanding the range of related services, developing international transactions and attracting new setcors. Ameriabank is owned fully by Troika Dialog, one of the largest Russian investment companies. -0-