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AREXIMBANK - GAZPROMBANK GROUP TO EXTEND LOANS TO SMALL AND MEDIUM COMPANIES IN ARMENIA UNDER WB PROGRAM
ARKA
Sep 5, 2011
YEREVAN, September 5. /ARKA/. Areximbank - Gazprombank Group CJSC will
take part in the World Bank's program on crediting small and mid-scale
businesses in Armenia, the bank's press office reported on Friday.
The bank signed an appropriate agreement with the Central Bank of
Armenia on August 30, 2011.
Areximbank - Gazprombank Group views development of small and mid-size
businesses among the most promising focuses of its activity, as the
press office says.
According to the press release, the bank recently enlarged lending to
small and medium companies under the central bank's refinancing program
actively cooperating with international financial organizations,
including also Germany's KfW Bank. Areximbank - Gazprombank Group
found itself among three largest creditors of small and mid-scale
businesses in Armenia-s banking system in 2010.
The bank took an active part in mortgage lending under KfW Bank's
program. It also participated in the IFAD program on development of
rural areas.
Areximbank - Gazprombank Group built up its loan portfolio by 30%
in Jan-June 2011 to AMD 63 billion.
The loan portfolio constitutes 78% of the bank's assets.
The bank's assets grew 20% over the first six month of this year
reaching AMD 80.5 billion by early July.
The World Bank's $50-million program for development of small and
medium entrepreneurship was approved in late February 2009.
The loan was extended for 26.5 years with a five-year grace period
on the conditions of the International Bank for Reconstruction and
Development.
The program is a key part of the government's anti-crisis program. The
program participants extend loans to small and mid-size companies.
After that the information about the loan is checked in accordance
with the World Bank's requirements and then refinanced.
Areximbank-Gazprombank Group (former Areximbank, renamed on June 12,
2009) was established in August 1998 for supporting entrepreneurship
and serving financial flows between Russia and Armenia.
Areximbank - Gazprombank Group is a member of VISA International and
MasterCard International payment systems.
In November 2007, Russian Gazprombank acquired bought 80% of
Areximbank's shares.
In July 2008, Areximbank issued additional bonds, which were bough
by Gazprombank as well.
As a result, Gazprombank's share in Areximbank reached 94.15%.
In September 2008, Gazprombank bought the remaining 5.85% from
Raiffeisenbank and is now the sole owner of the bank.
From: A. Papazian
ARKA
Sep 5, 2011
YEREVAN, September 5. /ARKA/. Areximbank - Gazprombank Group CJSC will
take part in the World Bank's program on crediting small and mid-scale
businesses in Armenia, the bank's press office reported on Friday.
The bank signed an appropriate agreement with the Central Bank of
Armenia on August 30, 2011.
Areximbank - Gazprombank Group views development of small and mid-size
businesses among the most promising focuses of its activity, as the
press office says.
According to the press release, the bank recently enlarged lending to
small and medium companies under the central bank's refinancing program
actively cooperating with international financial organizations,
including also Germany's KfW Bank. Areximbank - Gazprombank Group
found itself among three largest creditors of small and mid-scale
businesses in Armenia-s banking system in 2010.
The bank took an active part in mortgage lending under KfW Bank's
program. It also participated in the IFAD program on development of
rural areas.
Areximbank - Gazprombank Group built up its loan portfolio by 30%
in Jan-June 2011 to AMD 63 billion.
The loan portfolio constitutes 78% of the bank's assets.
The bank's assets grew 20% over the first six month of this year
reaching AMD 80.5 billion by early July.
The World Bank's $50-million program for development of small and
medium entrepreneurship was approved in late February 2009.
The loan was extended for 26.5 years with a five-year grace period
on the conditions of the International Bank for Reconstruction and
Development.
The program is a key part of the government's anti-crisis program. The
program participants extend loans to small and mid-size companies.
After that the information about the loan is checked in accordance
with the World Bank's requirements and then refinanced.
Areximbank-Gazprombank Group (former Areximbank, renamed on June 12,
2009) was established in August 1998 for supporting entrepreneurship
and serving financial flows between Russia and Armenia.
Areximbank - Gazprombank Group is a member of VISA International and
MasterCard International payment systems.
In November 2007, Russian Gazprombank acquired bought 80% of
Areximbank's shares.
In July 2008, Areximbank issued additional bonds, which were bough
by Gazprombank as well.
As a result, Gazprombank's share in Areximbank reached 94.15%.
In September 2008, Gazprombank bought the remaining 5.85% from
Raiffeisenbank and is now the sole owner of the bank.
From: A. Papazian