IFC TO ASSIST ARDSHININVESTBANK IN RISK MANAGEMENT PRACTICES IMPROVEMENT

PanARMENIAN.Net
19.10.2009 13:59 GMT+04:00

/PanARMENIAN.Net/ International Financial Corporation (IFC), a member
of the World Bank Group, signed an advisory services agreement with
Armenia’s Ardshininvestbank to help improve the bank’s risk management
practices and increase lending to smaller businesses.

The agreement is part of IFC’s broader regional crisis-response
initiative focused on strengthening the banking sector to make it
more sustainable.

Ardshininvestbank is among the top three banks in Armenia and
has an extensive branch network. In light of the recent financial
crisis, IFC is helping the bank enhance its capacity to deal with
nonperforming loans, mitigate risks, and strengthen its lending to
local entrepreneurs and small and medium enterprises to stimulate
economic development and job creation.

"As a leading Armenian bank, Ardshininvestbank has attached
great importance to risk assessment and management practices
since its establishment," said Karen Balasanyan, Deputy Chairman
of Ardshininvestbank’s Management Board. "We value very much the
cooperation with IFC and are confident that our clients will notice
the impact of advisory services rendered by IFC experts in the near
future."

Thomas Lubeck, IFC Regional Head of the Caucasus, said, "We are
happy to help one of Armenia’s largest banks address the effects of
the global financial crisis and increase the sustainability of its
operations. This should create additional opportunities for economic
growth in the country."