YEREVAN, October 22. / ARKA /. New Branch of ProCredit Bank in Artashat marked the beginning of the implementation of Bank’s agricultural lending in Armenia.

In this regard, Executive Director of ProCredit Bank Bertolt Herzfeld said that agriculture, being one of the most important sectors of the economy of Armenia, does not have sufficient funding, and the bank's aim is to promote the development of that sector.

Herzfeld said that one of the main objectives of opening a branch in Artashat was to stimulate the development of agriculture.

According to the banker, the service is accessible and has its own conditions, such as individual loan repayment schedule, as well as the flexible mortgage.

"I am confident that we will contribute significantly to the development of agriculture, starting with Artashat and continuing in the future in other areas of Armenia," Herzfeld said.

ProCredit Bank closed joint stock company launched its activities in Armenia on February 5 2008.

ProCredit Bank is a full-service bank with a 100% foreign capital, focused on lending to small and medium sized enterprises and offering a full scale of banking services to private individuals and legal entities. Another important area of ProCredit Bank’s focus is to promote savings culture among the population, by starting even from small amounts.

ProCredit Bank in Armenia is a member of ProCredit Group, consisting of 22 financial institutions operating in Eastern Europe, Africa and Latin America, which are governed by ProCredit Holding AG located in Frankfurt am Main, Germany.

Founders of ProCredit Bank are ProCredit Holding AG (67.49% shares), KfW (15.84%) and EBRD (16.67%).

Since February 2008 the Bank is serving more than 6600 clients including deposit clients. The bank has an outstanding loan portfolio of about USD 24.5 million and deposit portfolio of around USD 13.5 million.
The head office of ProCredit Bank is in Yerevan. –0--