ACBA-CREDIT AGRICOLE TO GET $12 MILLION SYNDICATED LOAN FROM EBRD AND CITIGROUP INC.

arminfo
2007-08-03 14:13:00

Friday, on August 3, ACBA – Credit Agricole Bank signed contract for
$12 million syndicated loan from European Bank for Reconstruction and
Development and Citigroup Inc. The banks in half parts will provide
the above amount, ACBA Credit Agricole Bank Director General Stepan
Gishyan said at a press conference on the topic.

He said the syndicated loan is allocated to the Armenian bank for
the first time in the history of Armenian banking system. He said the
loan will allow ACBA – Credit Agricole Bank to increase crediting of
small and medium-size business.

S. Gishyan said that ACBA – Credit Agricole Bank jointly with European
Bank implements large-scale business co-financing and trade financing
programs.

Citigroup is the second bank by capital size in the world. Citigroup
net income for the 2007 second quarter made up $6.23 billion, or
$1.24 per share, both up 18%. International revenues and net income
were a record, up 34% and 35%, respectively. Return on equity was
20.1%. The bank opened or acquired 160 new retail banks or consumer
finance branches during the quarter, including 136 internationally
and 24 in the U.S. Over the last twelve months, 1.001 retail bank
and consumer finance branches have been opened or acquired.

To recall, the advances portfolio of EBRD is to be raised 66% in2007
to 100 million EURO, including 50 million is the share of financial
sector. This indicator for 2006 made up 60 million EURO.

According to the Ranking of Commercial Banks of Armenia prepared by
the Agency of Rating Marketing Information (ArmInfo), ACBA-Credit
Agricole Bank is in the lead in the banking system of Armenia by
total capital 19.6 billion drams. It occupies the second position by
provision of crediting – 39.7 billion drams and the third position
by assets and net profit – 59.6 billion drams and 1.4 billion drams,
respectively. The bank is specializing in agricultural loans mainly.

From: Emil Lazarian | Ararat NewsPress