ARARATBANK LENDS AMD 200 MILLION TO SMALL AND MID-SCALE BUSINESSES
ARKA
March 23, 2009
YEREVAN, March 23. /ARKA/. Araratbank lent AMD 200 million to small
and mid-scale businesses last week, Ashot Osipyan, chairman of the
board and executive director, said on Friday.
"Besides, 35 million were given as mortgage loans and 55 million as
credits extended under gold collateral", he said.
Osipyan also said that certain decline is seen now in mortgage lending.
He thinks the decline is due to some reduction in demand because of
pessimistic sentiments.
Osipyan said the same applies to business credits, but the bank is
implementing new business programs and new entities are being involved
in them.
He thinks this is a favorable period to micro and small-scale business,
for entering the market and developing in competitive environment.
Osipyan said that the bank lowers interest rates on some types
of credits.
"In particular, we extend business credits in foreign currencies at
14 to 16%, and in Armenian drams at 16 to 18%."
The head of Araratbank said there are no pessimistic sentiments in his
bank, and all services, including money transfers and plastic cards,
are being provided in normal regime.
"This is an important impetus, which I’d like to convey to the
country’s citizens and our bank’s clients. There are absolutely no
grounds for fuss, since banks’ liquidity is stable and they have no
problems with cash shortage. I see no problematic signs."
Araratbank, heir of Armsvyaz, was established on September 2, 1991.
On October 31, 1996, the bank received its license #4.
European Bank for Reconstruction and Development holds 25% of the
bank’s shares and 74.1% belong to Barsegh Beglaryan, owner of Flash
Company.
Araratbank’s assets totaled AMD 29.7 billion and liabilities AMD 22.2
billion by December 31, 2008.
The bank’s total capital amounts to AMD 7.5 billion, credit investments
AMD 12.2 billion and liabilities toward clients AMD 16.4 billion.
Net profit for 2008 was AMD 594.2 million.
On January 30, 2009, the bank became a member of NASDAQ OMX Armenia
Stock Exchange.
The bank has 25 branches in Armenia. ($1= AMD 372.02).
From: Emil Lazarian | Ararat NewsPress
