Tweet
EUROPEAN BANK POSTPONES THE START OF REDEMPTION OF THE FIRST TRANCHE OF SYNDICATED LOAN FOR ARMECONOMBANK FOR 1 YEAR
ArmInfo
2009-01-22 16:43:00
ArmInfo. The European Bank for Reconstruction and Development
(EBRD) has postponed the start of redemption of the first tranche
of syndicated loan for Armeconombank for 1 year, Chairman of Board
of Armeconombank David Sukiassyan told journalists, Thursday. He
recalled that the agreement on syndicated loan worth $15 mln was
signed by the EBRD on 14 December 2007.
Under this agreement, the first payment was to be made on 20 January
2009.
However, due to successful implementation of the program, the payment
has been postponed till 18 January 2010.
This fact shows that Armeconombank will steadily continue its activity
on involving itself in new credit programs, attracting new funds and
"digesting" new markets, Suakiassyan stressed.
Head of EBRD Office in Armenia Michael Weinstein said that this
agreement to postpone the redemption date, which was reached
in conditions of the crisis in interbank crediting, once again
demonstrates the international financial structures' confidence
in Armeconombank. "It is important that the syndicate members,
i.e. the commercial banks feel quite confident in partnership with
Armeconombank. This shows the quality, reliability, and stability of
Armeconombank in conditions of the financial crisis",- he stressed.
For his part, Deputy Chairman of the Central Bank of Armenia (CBA)
Vache Gabrielyan said that Armeconombank is one of the most active
banks of the country by its participation in various international
programs. According to him, CBA contributes to cooperation of
international structures and banking system participants in a
worthy manner. At the same time, he pointed out the significance of
Armeconombank's experience and skills in SME crediting, and stressed
that the bank will participate in the first governmental program on
SME support.
To recall, alongside with EBRD, 6 large international banks took part
in the loan issue, particularly, Commerzbank AG (Germany), Raiffeisen
Zentralbank Osterreich AG (Austria), Bank Austria Creditanstalt AG
(Austria), State Bank of India, Land Bank of Taiwan, and FBN Bank
(UK) Limited.
The syndicated loan consisted of 2 parts. In particular, EBRD allotted
$5 mln for a term of 36 months, the rest - $10 mln, of them $5 mln for
18 months with possible prolongation of the term for 18 more months;
the other $5 mln - for 12 months with possible prolongation of the
term for 12 more months. The funds are directed to SME crediting.
According to the data of Armeconombank, as of 1 January 2009, the total
capital of Armeconombank exceeded 8.6 bln AMD, assets - 52 bln AMD,
credit portfolio - 27 bln AMD, net profit - 460 mln AMD. The bank
has 46 branches in Armenia and Nagorno- Karabakh. 53.4% of shares
of Armeconombank belong to the family of entrepreneurs Sukiassyans,
25%+1 share is controlled by EBRD.
ArmInfo
2009-01-22 16:43:00
ArmInfo. The European Bank for Reconstruction and Development
(EBRD) has postponed the start of redemption of the first tranche
of syndicated loan for Armeconombank for 1 year, Chairman of Board
of Armeconombank David Sukiassyan told journalists, Thursday. He
recalled that the agreement on syndicated loan worth $15 mln was
signed by the EBRD on 14 December 2007.
Under this agreement, the first payment was to be made on 20 January
2009.
However, due to successful implementation of the program, the payment
has been postponed till 18 January 2010.
This fact shows that Armeconombank will steadily continue its activity
on involving itself in new credit programs, attracting new funds and
"digesting" new markets, Suakiassyan stressed.
Head of EBRD Office in Armenia Michael Weinstein said that this
agreement to postpone the redemption date, which was reached
in conditions of the crisis in interbank crediting, once again
demonstrates the international financial structures' confidence
in Armeconombank. "It is important that the syndicate members,
i.e. the commercial banks feel quite confident in partnership with
Armeconombank. This shows the quality, reliability, and stability of
Armeconombank in conditions of the financial crisis",- he stressed.
For his part, Deputy Chairman of the Central Bank of Armenia (CBA)
Vache Gabrielyan said that Armeconombank is one of the most active
banks of the country by its participation in various international
programs. According to him, CBA contributes to cooperation of
international structures and banking system participants in a
worthy manner. At the same time, he pointed out the significance of
Armeconombank's experience and skills in SME crediting, and stressed
that the bank will participate in the first governmental program on
SME support.
To recall, alongside with EBRD, 6 large international banks took part
in the loan issue, particularly, Commerzbank AG (Germany), Raiffeisen
Zentralbank Osterreich AG (Austria), Bank Austria Creditanstalt AG
(Austria), State Bank of India, Land Bank of Taiwan, and FBN Bank
(UK) Limited.
The syndicated loan consisted of 2 parts. In particular, EBRD allotted
$5 mln for a term of 36 months, the rest - $10 mln, of them $5 mln for
18 months with possible prolongation of the term for 18 more months;
the other $5 mln - for 12 months with possible prolongation of the
term for 12 more months. The funds are directed to SME crediting.
According to the data of Armeconombank, as of 1 January 2009, the total
capital of Armeconombank exceeded 8.6 bln AMD, assets - 52 bln AMD,
credit portfolio - 27 bln AMD, net profit - 460 mln AMD. The bank
has 46 branches in Armenia and Nagorno- Karabakh. 53.4% of shares
of Armeconombank belong to the family of entrepreneurs Sukiassyans,
25%+1 share is controlled by EBRD.