ADB unveils new strategy and major directions

23.02.2012 13:44
ADB unveils new strategy and major directions

YEREVAN, February 23. /ARKA/. Karen Sarkisian, the chairman of the Armenian Development Bank (ADB), unveiled February 22 the bank’s new strategy during a meeting with journalists and its main directions of work. He said the bank is introducing new tools designed specially for small and medium-sized businesses, shaping a new business culture and new corporate relationships that will focus on sustainable and proportional development. This strategy" will be implemented in four directions.

Unprecedented rates on deposits

The bank will offer individuals and legal entities high interest rates on bank deposits - 5-7% on deposits in Armenian drams and 3-4% on deposits in foreign currencies. In addition, from 15 February to 31 May this year the bank is offering special interests rates ‘Maximum’ -14% for deposits in drams, 10% for deposits in U.S. dollars and 8% for deposits in euro. In addition, the Armenian Development Bank offers its customers a multi-currency deposit, which allows depositors to transfer the money from one currency to another without loss of interest.

Preferential credit conditions

The Armenian Development Bank also intends to offer new lending terms - business loans with a maturity of up to seven years and 21-month grace period.

Free banking

The Armenian Development Bank intends also to offer 14 banking services free of charge to its customers, mostly in small and medium enterprises and individual clients. This innovation is aimed at attracting new customers and reducing costs, specifically, in making international and local money transfers, cashing and cards servicing. "This will of course, somewhat reduce our profits, but it will be offset by an increase in growth," Sarkisian explained.

Expansion of branch network

In 2011 the bank opened branches in major cities of the country - Vanadzor and Gyumri, as well as in Nagorno-Karabakh. This process will continue in 2012, and new branches will open in the administrative districts of Yerevan, and in the regions of the country. Today it has five branches in Armenia and Nagorno-Karabakh. -0-


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