PROCREDIT BANK OF ARMENIA TO OPEN UP TO SEVEN NEW BRANCHES IN 2009
ARKA
Feb 6, 2009
YEREVAN, February 6. /ARKA/. ProCredit Bank of Armenia is planning to
open up to seven new branches in 2009 to ensure greater accessibility
for its clients in the capital and in the regions.
Last year the bank opened five branches with four of them in Yerevan
and a branch in Vanadzor, the bank’s press service reported.
Currently the bank’s staff is 200 people providing high-quality
services to clients.
ProCredit Bank started its activities in Armenia one year ago.
Over the last 12 months funds attracted from clients totaled $9.3mln
with number of bank accounts reaching 6,700. Most part of clients has
their money on savings and time deposits; 80% of these are amounts
not exceeding $1,000.
This indicates that the bank is trying to be accessible for common
citizens and give them an opportunity to use banking services, says
the report.
According to the press release, ProCredit Bank will maintain its
focus on extending credits to small and medium business as this
creates the greatest number of jobs and promotes economic development
substantially.
Credit portfolio of the bank had totaled $24mln by the end of 2008;
90% of business loans extended by the bank were small loans not
exceeding $10,000.
The bank also continues developing savings culture in Armenia as
savings are means of strengthening the households, says the report.
Executive Director of ProCredit Bank Berthold Hertzfeld pointed out
that banks of ProCredit Holding AG Group became not only leaders
in financing of small and medium enterprises all over the world,
but also reliable partners for private entrepreneurs
ProCredit Bank has the same purpose in Armenia, Hertzfeld said adding
that the bank will continue offering simple and high-quality banking
services.
ProCredit Bank closed joint stock company officially started its
activities in Armenia on February 5 2008. The founders of the bank
are ProCredit Holding AG joint stock company (67.49%), KfW Development
Bank (15.84%) and the European Bank of Reconstruction and Development
(16.67%).
The bank’s assets had totaled 6.2bln Drams by the end of December 2008
with total capital amounting to 5.5bln Drams. ($1-305.29Drams).