YEREVAN, May 12. /ARKA/. Clients of ACBA-CREDIT AGRICOLE BANK have mainly avoided damage from the end of March coldspell, general director of the bank Hakob Andreasyan told reporters Thursday.

The bank assessed the possible damage. Most of the bank’s clients are mixed-type farms, whereas damage is caused mainly to specialized farms, apricot orchards in particular, the general director said.

Ararat and Armavir farms suffered the greatest damage. Prompt response measures were taken; the bank has subsidized loans worth almost 5 billion drams so far.

Currently agricultural loans in drams are extended at 14%, 4-6% of which, depending on farms locations, are subsidized by the government, Andreasyan said.

Subsidizing is a real instrument to support farmers and solve social issues, Andreasyan said.

The general director said ACBA-CREDIT AGRICOLE BANK has been always considered an agricultural bank and agricultural loans account for 32% of its portfolio today, which is an increase of 3% compared to the beginning of the year.

Loan portfolio of ACBA-CREDIT AGRICOLE BANK amounted to 178 billion drams as of the end of April, an increase of 10% compared to January.

Andreasyan also said the structure of the bank’s loan portfolio and rural loans in particular has changed. Drams loans account for about half of all loans provided by the bank.

ACBA-CREDIT AGRICOLE BANK was established in 1995 as part of the European Union’s TACIS program. In 2006, CREDIT-AGRICOLE GROUP invested substantially into its capital becoming its largest shareholder.

The bank’s assets totaled 264.6 billion drams ($640.2mln), loan investments were 178 billion drams ($430.6mln), owned capital – 53 billion drams ($128.2mln). Deposits amounted to a total of 109.6bln drams ($265.1mln).

Number of the bank’s clients has grown by 25 times to about 276,000 over the years of its existence. Number of its staff is 1,050 people. The bank has 49 branch offices across the country. ($1=413.19drams). –0—