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National Security Service of Armenia reports new detentions and exposure of criminal group tied with "Daredevils of Sasoun"

Charges pressed against six citizens, another six citizens detained related to mass disorders in Yerevan

Delegation of Armenian Armed Forces General Staff travels to Minsk

National Security Service of Armenia calls on "Daredevils of Sasoun" to display their reasonableness, put down arms and surrender

Forecast: Precedent of "Daredevils of Sasoun" may spark more attempts of radical steps against authorities

Oppositionist says major topic of possible Sefilyan-Sargsyan meeting will be peaceful resolution of standoff rather than resignation of president

Members of opposition group threaten with civil disobedience throughout Armenia

Viva-Cell MTS offers roaming in Europe at special tariffs

TUMO Center for Creative Technologies to open in Koghb, near border village in Tavush region

Vitaly Balasanyan assures: President will invite Jirayr Sefilyan for a talk, after "Daredevils of Sasoun" put down arms and surrender

Democratic Party of Armenia comes out from political position, as standoff continues in Yerevan

Azerbaijan keeps violating ceasefire on Karabakh-Azerbaijan Line of Contact

Night at seized police patrol service station passed without incidents: Standoff in Yerevan enters day 8

"Daredevils of Sasoun" burn police car

Mass media: Activist Ani Navasardyan detained on charge of provoking mass unrest

Serviceman of NKR Defense Army killed from adversary's shot

Group of journalists arrives at seized building of the Police Patrol Service Regiment

Investigative Committee: Charges pressed against three citizens of Armenia for participation in mass disorders

"Sasna Tsrer" released the rest two hostages -Osipyan and Yeghiazaryan

Russian Foreign Ministry criticized EU's statement on events in Yerevan

Major General Vitaly Balasanyan provides details of his meeting with "Daredevils of Sasoun"

Armenian Foreign Ministry verifying if there were citizens of Armenia among Munich shooting casualties

National Security of Armenia confirms: Members of armed group voluntarily release two of four hostages

National Security Service of Armenia says two persons tied to armed group detained

Nikol Pashinyan: Levon Ter-Petrosyan and Serzh Sargsyan plot yielding territories around Nagorno Karabakh to Azerbaijan

"Daredevils of Sasoun" reportedly releases two of four hostages

NKR Defense Army soldier wounded, as Azerbaijan violates ceasefire

Armenia and UAE sign agreement to boost and protect investments

Sharmazanov: It is more likely that Kura River changes its course and falls into Black Sea than Karabakh becomes part of Azerbaijan with any status

Galust Sahakyan: Talks on possible resignation of Armenian government are rumors

Russian political scientist: Destabilization of situation and pressure on authorities prevail in "Sasna Tsrer" group's actions

Statements that five districts adjacent to Nagorno Karabakh will be passed to Azerbaijan exert pressure on the process, Bryza says

Levon Ter-Petrosyan: It is senseless to analyze the reasons that led to armed seizure of state building

President: In Armenia problems are not settled through brutal force and hostage taking - this situation continues longer than we can afford

Serzh Sargsyan: Punishment of those guilty inevitable

Newspaper: After talks with "Daredevils of Sasoun," Vitaly Balasanyan met with Serzh Sargsyan

Social media warn: physical attack prepared on Nikol Pashinyan

Views from Tel Aviv: Loss of control over country may push external powers to settle Karabakh conflict not in favor of Armenian people

Armenia's Defense Ministry confirms: Azerbaijani side targets school in near border village of Movses

Maria Zakharova slams Armenian and Azerbaijani journalists

Azerbaijan keeps intensively violating ceasefire on Line of Contact

Republican Party of Armenia for peaceful resolution of standoff and hostage situation in Yerevan

Night was calm near seized building of Patrol Police Station in Yerevan

Government of Armenia dismisses idea of creating "Aviation Code"

Cyber security specialists to be trained in Armenia with support of Kaspersky Lab

Zakharova: Moscow hopes process around Nagorno Karabakh will not lose its dynamics

Paul Goble says Moscow has lost its interest in Christian Armenia and is moving to increase its ties with majority Shia Islamic Azerbaijan, Armenia's longtime enemy, and now with Sunni Turkey

Vartan Oskanian sees the solution to the current situation in Yerevan in political field only

Meeting of Vitaly Balasanyan and armed loyalists of jailed oppositionist is over; no details are reported

Maria Zakharova: We support measures taken by Armenia's authorities over seized Patrol Service Regiment in Yerevan

Regional

EBRD provides ArmSwissBank with a status of a confirming bank

  • by Gayane Isahakyan

  • Tuesday, July 8, 16:22

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.

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