Newsfeed

British analyst: Oil will run out, Karabakh conflict will remain

Galust Sahakyan: Armenian Genocide International recognition process has entered a new phase

ANC calls on Armenian Parliament to take step for Founding Parliament Movement members to be set free

British expert: Baku has restricted the wide spectrum of cooperation of Armenian and Azeri NGOs to state- run process

Edward Nalbandian: International community speaking language incomprehensible to Turkey

Views from London: Ankara may recognize Armenian Genocide only if Turkish public demands it

Maria Gulegina visits Yerevan Brandy Company

Human rights organization thanks Nagorny Karabakh authorities for humane treatment of Azerbaijani saboteur

Six American States Adopting a Joint Resolution on Armenian Genocide Centennial

Political Analyst: Process of International Recognition of Armenian Genocide to be Expanded

Cem Terzi: Turkish Society Ripening for the Recognition of Armenian Genocide

Expert: April 24 Showing Scientific and Political Consensus on the Indisputability of the Armenian Genocide

U.S. State Department Representative Does not Know If the U.S. Fear Turkey

Mayor of New York commemorates centennial of Armenian Genocide - "one the worst atrocities of the 20th century"

European Movement adopts a resolution on Armenian Genocide

Ankara: Turkish nation will not forget and forgive Joachim Gauck's statements

Hollande and Aliyev discuss Karabakh conflict

Official Ankara criticizes Obama's stand on events of 1915

The Kremlin: Putin's participation in memorial events in Yerevan cannot be negatively interpreted by Ankara

Eiffel Tower and Coliseum went dark in memory of Armenian Genocide victims

Ankara strongly criticizes Francois Hollande's visit to Yerevan

Central Council of Jews in Germany advocates calling events of 1915 genocide

Ankara's Second Response to Putin's Statement on the Recognition of the Armenian Genocide

Vladimir Putin: Armenia and Russia Have Always Been, Are and Will Be Close Allies

Knesset Member Criticizing Israeli Government for Denying Armenian Genocide

Georgian Armenians Demonstrating in Front of Turkish Embassy in Tbilisi

Canadian Prime Minister Calling upon Yerevan and Ankara to Resume Negotiations on Normalization of Relations

Serzh Sargsyan: Ankara made vein attempt to resist or affect larger process related to recognition of genocide

First Commemorative Demonstration on the Armenian Genocide to Take Place in Rome since 1975

Erdogan: Turkey shares Armenians' pain

President of Armenia: I refuse to believe that transitory interests can shatter humanity's dreams of freedom and peace cherished for centuries

Serzh Sargsyan: "Turkey's proposal of establishing the so-called commission of historians has only one goal, which is to delay the process of the Armenian Genocide recognition"

Turkey's Labor Party (EMEK) and some local human rights organizations condemn Genocide of Armenians

Russian expert: Putin's participation in Armenian Genocide Centennial events not to edit Moscow's geopolitical maneuvering

Vladimir Putin: 1.5 mln Armenians were killed, 600 thsd were deported, unique historical monuments and invaluable books and manuscripts were destroyed in 1915

Serzh Sargsyan: "We are ready to embark upon a constructive dialogue with Turkey in case it faces its own history"

Francois Hollande: World community must remember Genocide to prevent it in future

Serbia President: "We have no moral right to forget the Armenian Genocide victims and the shocking facts of the past"

ANCA: Sad spectacle of President Obama playing word games with genocide falls beneath dignity of American people

Foreign Minister of Armenia: German President's statement important contribution to prevention of new genocides

Serzh Sargsyan: Armenia has never declared any territorial claims either to Turkey, or to any other country

Armenian president's interview with Hurriyet: "Turkish authorities taking burden of responsibility for crime perpetrated by authorities of Ottoman Empire"

Presidents of Russia, France, Serbia, and Cyprus arrive at Armenian Genocide Memorial in Yerevan

Google.am honors memory of Armenian Genocide victims

High-ranking representatives of various countries 'forming' a forget-me-not of peace near Armenian Genocide Memorial in Yerevan

Serj Tankian calls on Armenia's leadership to create egalitarian civic society, to get rid of institutional injustices and stop depopulation of Armenia

Obama breaks his word again

Founding Parliament Movement looks to change power in Armenia

Vladimir Putin arrives in Yerevan to commemorate Armenian Genocide martyrs

Bulgarian MP: Bulgaria has refused to discuss the draft resolution on Armenian Genocide under Ankara's pressure

EBRD provides ArmSwissBank with a status of a confirming bank

  • by Gayane Isahakyan

  • Tuesday, July 8, 11:22

Under the Trade Facilitation Programme (TFP), the European Bank for Reconstruction and Development (EBRD) has provided ArmSwissBank CJSC with a status of a confirming bank. The status enables ArmSwissBank to confirm the letters of credit and guarantees of foreign issuing banks.  Gevorg Machanyan, Chairman of the Management Board, Executive Director at ArmSwissBank CJSC, and Mark Davis, Head of the EBRD's Yerevan Resident Office, signed the relevant agreement on July 7 in Yerevan.

 

Gevorg Machanyan said that due to the new status, ArmSwissBank will enhance the affordability of trade finance instruments for the exporters. "The signing of the given document demonstrates the EBRD's high confidence in ArmSwissBank, which has been formed as a result of the 4-year cooperation", he said.  Machanyan added that since the launch of cooperation under the Trade Facilitation Programme, the EBRD's line of credit opened for the Bank has been tripled from $3 mln to $9 mln. "The status of an advising bank is the logical continuation of the Trade Facilitation Programme Academic Excellence Award presented to ArmSwissBank", he said.

 

Mark Davis, in turn, said that by taking the decision to assign the status of an advising bank to ArmSwissBank, the EBRD has actually entrusted it with risk management functions. The document implies deepening of further cooperation, he said. Davis also pointed out that at the moment the EBRD is cooperating with ArmSwissBank under trade facilitation and SME finance programmes, but ArmSwissBank will shortly become a participant in the energy efficiency development programme as well.

 

ArmSwissBank has been cooperating with the EBRD since 2010 and is considered to be one of the EBRD's most active partners in the banking sector of Armenia.   

 

To recall, the European Bank for Reconstruction and Development (EBRD) presented a Trade Facilitation Programme Academic Excellence Award in cooperation with the International Chamber of Commerce (ICC) to ArmSwissBank CJSC in recognition of the outstanding academic achievements in the Trade Finance e-Learning Programme in 2013.  The award ceremony took place at the EBRD's annual general meeting in Warsaw, Poland, on 14-16 May 2014.   

 

To note, ArmSwissBank CJSC was founded on 7 October 2004. The founder and CEO of "Franck Muller Watchland" Company, Vardan Sirmakes is the owner of 11670 (80 %) ordinary shares of "ARMSWISSBANK" CJSC. 2918 (20%) ordinary shares of the Bank belong to "Belegingsmachepij Jongo" LLC.

 

The Bank specializes in corporate banking, investment banking and private banking. As of 1 July 2014, the assets of ArmSwissBank amounted to 72.3 bln AMD (24% year-over- year growth). The Bank's authorized capital increased by 44% to 10.1 bln AMD, and the total capital rose by 56% to 21 bln AMD. Over the same period, the Bank's loan book grew by 11% to 30.1 bln AMD, and the portfolio of securities increased by 70% to 32.3 bln AMD. In the first half of 2014, the Bank's profit totaled 1.2 bln AMD (67% year- over-year growth). The Bank's ROA made up 3.38% versus 3.18% in the first half of 2013, and ROE made up 13.61% versus 13.84% in the first half of 2013.

Send to a friend

To (e-mail)


Your name


Message


Comments

View comments (0)
  • READ ALL COMMENTS
  • POST A COMMENT

Be first to comment on this article

* Indicates required fields