PROCREDIT BANK REDUCES INTEREST RATES FOR DRAM LOANS

ArmInfo
2009-03-23 13:18:00

ArmInfo. ProCredit Bank has announced an action for local producers
increasing interest rates for AMD loans starting March 17 to April 30,
ProCredit Bank told ArmInfo.

Thus, the bank offers AMD loans worth up to 15 million drams aimed
to promote SMEs at the annual interest of 18%. ‘We expect sustainable
and lasting cooperation with our clients offering them a full package
of high-quality services’, ProCredit Bank Executive Officer Bertolt
Hertzfeldt says. He is sure that the given action will make it possible
for local producers to maintain and even strengthen their positions
in the market.

ProCreidt Bank entered the local market on February 5 2008. The bank
is continuously expanding its branch network, not only in Yerevan but
also in the regions, with the aim of bringing its transparent and
fair banking services to more and more communities in Armenia. The
bank serves 5 branches, including one in Vanadzor. Another 5 branches
will be opened till the end of the year, including in Gyumri and
Artashat. Total credit portfolio of the banks amounts to $20.7
million. Portfolio of deposits totals nearly $10 million.

The shareholders of ProCredit Bank in Armenia are such well known
organizations as: ProCredit Holding – with 67.49% of shares KfW –
with 15.84% of shares EBRD – with 16.67% of shares ProCredit Bank
of Armenia does not have any indirect shareholders. The Bank’s
shareholders do not have any liabilities to ProCredit Bank of Armenia.