PROCREDIT BANK ARMENIA INCREASES ITS CAPITAL BY 300 MILLION DRAMS
Noyan Tapan
Dec 17, 2008
YEREVAN, DECEMBER 17, NOYAN TAPAN. ProCredit Bank
() has increased its capital by 300 million drams
to 6 billion 90 million drams (about 20 million USD). According to
information of the bank, the additional capital will allow the bank
to expand and continue developing next year. As a result of the
capital increase, the share of ProCredit Holding AG makes 67.49%,
that of the European Bank for Reconstruction and Development (EBRD)
– 16.67%, and KfW Bank (Germany) – 15.84% in the authorized capital
of ProCredit Bank.
ProCredit Bank is going to remain faithful to its main direction
of activity: crediting of very small, small and medium business
and establishing long-term cooperation with customers. Besides, the
bank will continue developing the tradition of savings in Armenia –
based on the conviction that savings give long-term stability to
households. The purpose of the bank is to increase the share of its
customers’ money by laying stress on savings of private persons.
To recap, Procredit Bank started operating in Armenia on February
5, 2008.
It is a bank with 100% foreign capital and provides a comprehensive
package of banking and financial services in Armenia. ProCredit Bank
in Armenia is a member of ProCredit group composed of 22 financial
structures operating in Eastern Europe, Africa and Latin America. These
structures are headed and controlled by ProCredit Holding in Frankfurt
(Germany).
In Armenia ProCredit Bank has over 4,000 customers, including users
of savings services, as well as a credit portfolio of about 24 million
USD and a deposit portfolio of 7 million USD.