PROCREDIT BANK DECREASES INTEREST RATES FOR AMD LOANS

PanARMENIAN.Net
23.03.2009 13:05 GMT+04:00

/PanARMENIAN.Net/ Starting from March 17 till April 30, 2009 ProCredit
Bank announces a new loan campaign for local producers in Armenia,
the bank’s press office reported.

The purpose of the campaign is to support small businesses involved in
production business to stimulate their production volumes, purchase
raw materials and equipment. In the framework of this campaign,
entrepreneurs can receive loans up to AMD 15 000 000 and interest
rate of 18% annually.

Bertolt Hertzfeldt, executive director of ProCredit Bank, said,
"ProCredit Bank is aiming to build stable and long term partnership
offering our customers good quality and transparent banking
services. We believe that these loans will stimulate the local
producers to keep their position in the market and help them to
develop their businesses".

ProCredit Bank launched its activities in Armenia in February
2008. ProCredit Bank is a full-service bank with a 100% foreign
capital, focused on lending to small and medium sized enterprises
and offering a full scale of banking services to private individuals
and legal entities. Another important area of ProCredit Bank’s focus
is to promote savings culture among the population, by starting even
from small amounts. ProCredit Bank in Armenia is a member of ProCredit
Group, consisting of 22 financial institutions operating in Eastern
Europe, Africa and Latin America, which are governed by ProCredit
Holding AG located in Frankfurt, Germany.

Founders of ProCredit Bank in Armenia are such well-known international
organizations as:

ProCredit Holding AG – 67.49% shares KfW – 15.84 % shares EBRD –
16.67% shares

Since February 2008 the bank is serving more than 4500 clients
including deposit clients and has an outstanding loan portfolio of
about USD 23.mln and deposit portfolio around USD 9.5 mln.