EBRD RECOGNIZES ARMECONOMBANK BEST TRADE FINANCE BANK IN ARMENIA

ArmInfo
2009-01-22 16:53:00

ArmInfo. European Bank for Reconstruction and Development (EBRD)
has recognized Armeconombank the best trade finance support bank
in Armenia, Head of EBRD Office in Armenia Michael Weinstein told
media. Armeconombank is rather active bank in all sectors of crediting
including trade finance, which is of great importance for Armenian
economy. Many banks would like to get trade finance support lines,
but not all banks are able to manage this bank product properly. It
is possible to open a credit line, but it is necessary to activate it,
he said.

By data of Armeconombank, as of Jan 1 2009 the total capital of the
bank exceeded 8.6 billion drams. Assets – 52 billion drams, credit
portfolio – 27 billion drams. Net profit for 2008 totaled 460 million
drams. The bank has 46 branches in Armenia and NKR. The Sukiasyans
Family holds 53.4% stake in the CJSC Armeconombank and EBRD – 25% +
1 share. The average market price of Armeconombank shares for 2008
was up 24% as against 2007 to 14,000 drams per share.