ARMECONOMBANK FIRST ARMENIAN BANK TO GET CERTIFICATE OF QUALITY FROM GERMAN COMMERZBANK AG
ArmInfo
2007-06-25 16:20:00
Armeconombank is the first Armenian bank to get certificate of quality
from the German Commerzbank AG for fast and high quality international
currency transfers, Armeconombank press-service told ArmInfo.
According to the source, Commerzbank AG has cooperated with Armenian
banks since 1990. The cooperation with Armeconombank was established
in 2005.
However, Armeconombank has become the first Armenian bank to get such
a high assessment, which even more increases the trust of its clients.
The source also reports that Commerzbank AG has allocated Armeconombank
a $3 million credit line for 1 year under the programme of financing
of clients’ transactions. This cooperation allows the bank to
finance import and export of its clients on the minimal tariffs in
the Armenian market. Moreover, Armeconombank clients will enjoy the
following advantages: an opportunity to mortgage goods or real estate
instead of cash; minimization of the risk of not getting goods against
payment; prolongation of payment for imported goods i.e. after sale;
import of goods on low competitive price; selection of new markets and
partners; fast payment for exported goods; low risk of nonpayment for
good supply; prepayment from importer to cover industrial expenses,
as well as those for purchase of raw materials and export.
Armeconombank data say that the bank’s capital amounts to 7.4 bln
AMD, assets making up some 60 bln AMD. Net profit for 2006 amopunted
to 1.57 bln AMD. Since the beginning of the year up to June 25,
the bank’s net profit exceeded 720 mln AMD. Armeconombank has 43
affiliated banks in Armenia and Artsakh.