Atlantic Forfaitierungs AG to increase credit line to Armeconombank

Atlantic Forfaitierungs AG to increase credit line to Armeconombank

2008-08-15 21:43:00

ArmInfo. Armeconombank is waiting for growing of the credit line on the
programme of commerce financing of Swiss company Atlantic
Forfaitierungs AG. As deputy chairman of Armeconombank Board Hayk
Lazarian told ArmInfo correspondent, $1.75 mln were not enough because
of raising of demand of borrowers. Armeconombank has been also taking
part in the programme on commerce financing of European Bank for
Reconstruction and Development since 2002.

According to ArmInfo data, the share of the credits within the frames
of international programmes is about 21% in the credit portfolio of
Armeconombank, which exceeds 26 bln drams ($86.7 mln).Lazarian
predicts that the credit portfolio of the bank will be increased up to
29 bln drams by the end of the current year. The assets of the bank
have increased by 15 bln drams if compared with the end of March of the
current year and were more than 57 bln drams as of 11 August 2008.
According to Ranking of commercial banks prepared by ArmInfo, as of 1
July 2008 Armeconombank entered the ten of the leading banks by the
size of credit portfolio, total capital and investments in state
government securities.