ITB ARMENIA OFFERS NEW "MULTICURRENCY" DEPOSIT
ARKA News Agency, Armenia
Oct 30 2006
YEREVAN, October 30. /ARKA/. The International Trade Bank (ITB)
offers its clients new "Multicurrency" deposit from October 1, 2006,
the bank’s press service reported that this type of deposits will allow
clients to make deposits in one or three currencies at the same time:
AMD, USD and EUR.
"The advantage of the multicurrency deposit consists in the fact
that over the entire period of validity of the contract, a client
has an opportunity to convert the funds on the deposit account from
one currency into another, and this decreases the risk connected
with exchange rate fluctuation," Executive Director of the bank
Ara Kitbalyan.
At the same time, there are other, very essential advantages besides
this one. Firstly, this is the opportunity of saving deposit funds,
secondly, the opportunity of partial withdrawal, and thirdly, even
the opportunity to fully withdraw the funds by canceling the contract,
without losing added interest.
"The bank provides three types of multicurrency deposits – ordinary,
accumulation and accumulation deposits with the right of partial
return.
In all the three cases, 90 days later, after placing money on the
deposit account, a client can withdraw all the money with added
interests and cancel the contract.
The minimal amount of deposit totals AMD 200,000 or USD/EUR 500 for
the ordinary and accumulation deposit, and AMD 400 AMD or USD/EUR
1000 for the accumulation deposit with the right of partial return.
International Trade Bank – ITB(Armenia) was founded on the basis of
"Bank-Menatep-Armenia" in 1992 as the Yerevan branch of the Russian
bank Menatep. In April 2000, the bank’s share were purchased by
foreign companies, later joined in the Makarios (MG) Holdings GMBH,
and bank itself was renamed to ITB – International Trade Bank. In 2005,
the bank’s 99.91% shares were purchased by Makarios (MG) Holdings GMBH.
ITB’s total assets made up AMD 5.1bln as of 30 June, 2006, the credit
portfolio totaled AMD 2.98bln. The bank currently operates four
branches The Makarious Group Holdings GMBH joins about 60 companies
that are registered in Austria, Great Britain, Ireland, Switzerland,
Cyprus, and in a number of CIS countries. The group consists of banks,
leasing, investment and consulting organizations, the activity of
which is aim at implementing large-scale investment programs in the
spheres of construction, metal mining, timber, woodworking and textile
industries, and also trade and high technologies.
The economic interests of the Makarios group are not limited in Armenia
only by the banking sphere. The group has made large investments for
$22.5mln in the program of construction of the Northern Avenue of
Yerevan.