PROCREDIT BANK IN ARMENIA MARKS FIRST YEAR OF ITS ACTIVITIES
Noyan Tapan
Feb 5, 2009
YEREVAN, FEBRUARY 5, NOYAN TAPAN. ProCredit Bank in Armenia marked the
first year of its activities on February 5. Since February of last
year, the number of its customers has increased to more than 4,000,
including users of savings services. Its credit portfolio amounts to
24 million USD. Small credits of up to 10 thousand USD make up 90%
of the business credit portfolio.
According to the bank’s report, the total amount of sums attracted
from customers in the past 12 months made 9.3 mln USD, while the total
number of bank accounts of customers has reached 6.7 thousand. Most
of the money of customers has been attracted in savings and deposit
accounts, 80% of which are small sums of less than 1,000 USD.
In 2008 the bank opened 5 new branches: 4 in Yerevan and one in
Vanadzor.
Another 7 branches will open this year.
The activities of ProCredit Bank in Armenia with 100% foreign capital
are aimed at crediting small and medium entrepreneurship. The bank
is a member of ProCredit group composed of 22 financial structures in
Eastern Europe, Africa and Latin America. Their activities are managed
and controlled by ProCredit Holding AG in Frankfort (Germany). The
founders of ProCredit Bank in Armenia are ProCredit Holding (67.49%
share), KfW Bank (15.84%) and the EBRD (16.67%).