Anelik Bank first in Armenia to offer credit product with tender interest rate

13.07.2017 13:57
Anelik Bank first in Armenia to offer credit product with tender interest rate

YEREVAN, July 13. /ARKA/. Anelik Bank is the first bank in Armenia to offer a credit product with tender interest rate to corporate businesses, Hayk Tumanyan, chief of the bank's division in charge of development of corporate products, said Wednesday at a news conference.

Anelik Bank is launching a new tender program, which will let participants receive loans at the interest rates they themselves propose.

The bank will apply this approach also to other banking services.

Tumanyan said the aggregate lending will amount to $1 million at the first stage as a pilot project.
Applications for participation in the tender will be approved by the bank beforehand.

On the day of the tender, closed envelopes with interest rate offers will be opened in the presence of representatives of the bank, participants of the tender and officials.

The contender who offers the highest interest rate wins the tender.

The minimum size of the loan is $50,000 and the maximum amount is $250,000.

The minimal annual rate is 7.7% and the maximal rate will be set by participants of the tender. The loans will be provided in US dollars for 60 months.

«Anelik Bank is the first bank in Armenia to introduce such an approach to lending, which is aimed at development of Armenia's economy and business processes, and we are convinced that this project is promising and that it will form stable relations between clients and the bank,» Virabyan said.

In his words, the Anelik Bank's loan portfolio amounts to AMD 240 billion or $500 million today and the bank is willing to continue lending money to the economy.

Applications will be accepted from July 20, 2017 till August 20, and the tenderr results will be released online on September 4.

Anelik Bank CJSC was established on July 9, 1990 and registered on October 1, 1991.

In July 2009, Credit Bank S.A.L., one of Lebanon’s largest banks, bought 51% of Anelik Bank’s shares and became its general shareholder. In 2012, the share of CreditBank S.A.L. in Anelik Bank grew to 89.95%, and in 2013, it became the sole shareholder. Today the bank has two shareholders - FISTOCO LTD with 59.7% and "CreditBank S.A.L." with 40.3%. -0---

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