Newsfeed

Cooperation agreement between ACBA-CREDIT AGRICOLE BANK and VTB Bank (Armenia) opens up new opportunities for their cardholders

Azerbaijani Defense Ministry surprised at OSCE Minsk Group Co-Chairs' statement

Expert: Progress in Iran's nuclear talks with the West will not cause changes in its relations with the South Caucasus nations

Expert: Latest geopolitical shifts have given Iran good ground for active foreign political moves

Heritage Party discontented at decision of Parliament Commission for Foreign Affairs

Azerbaijan's parliament vice speaker qualifies OSCE MG co-chairs' statement as absurd

Armenia not to exchange Azeri raiders for bodies of three pilots of downed Armenian helicopter

Piano Battle in Yerevan: Germany's Piano Virtuosi Andreas Kern vs Paul Cibis

ACBA-Credit Agricole Bank, World Vision Armenia and Hayastan All Armenian Fund open Education Center in Gavar

OSCE co-chairs urge Azerbaijan to permit recovery of bodies of crew of shot-down Armenian helicopter

United States again uses just declarative phrases to comment on shooting down of Armenian helicopter by Azeris

Mass media: Robert Kocharyan and a group of oligarchs are going to repay Armenia's foreign debt

Armenian FM using all possible contacts to find out what has happened to crew of Armenian helicopter downed by Azeris

Tbilisi: Nothing is being done to reopen Abkhazian railway

Beeline and "Professionals" Foundation to cooperate under youth programs

First mobile bank in Armenia - mConverse - is already available for Converse Bank customers

PACE condemns Azerbaijan's use of prisoner transfer treaty in 'Safarov case'

Iran's Ambassador displeased with situation in Nagorno-Karabakh conflict zone

Nagorno-Karabakh conflict isn't resolved because of Baku's approaches

Expert: By its behavior Azerbaijan has launched an open challenge against international structures

Parliamentary opposition refuses to negotiate with Government

Speaker of Cypriot Parliament criticizes Turkey's neo-Ottoman policy

Remains of remarkable figure of national-liberation struggle to be committed to the ground in Motherland

Armenian Orphan Rug goes on display at White House Visitor Center

Three parliamentary opposition parties to rally on 10 October

Eduard Sharmazanov: Stepanakert's steps towards recovery of bodies of downed helicopter pilots depend on Baku's behavior

Parliament amends Law "on temporary incapacity allowances"

Armenia to raise minimum wage

Yerevan: Murderer Ramil Safarov is Azerbaijan's symbol

Artsrun Hovhannisyan: "We still cannot approach the crash site of downed Karabakh helicopter MI-24"

Parliament of Armenia amends scandalous Law On Turnover Tax

Turkey FM says reason for unresolved Nagorno-Karabakh conflict is cold war that is still going on between West and Russia

David Babayan slams Baku for inhumane and immoral policy

Andrzej Kasprzyk refuses to visit crash site of downed Armenian helicopter for security reasons

Beeline invites all interested persons to attend an interuniversity career fair

Experts and political scientists gather in Tbilisi at 2nd South Caucasus Security Forum

67,000 people take advantage of free eye care services under "Sight to Armenian Eyes" program

Parliamentary opposition's proposal to carry out electoral reforms in Armenia may be implemented only after constitutional referendum

Ameriabank receives Commerzbank Award for Excellence

Green activists concerned over deforestation in Tavush marz

Lydian International expecting a permit to make big investments in Armenia

Newspaper: Carrefour Armenia starts sales New Year trees and toys

NKR FM meets with Personal Representative of OSCE CiO

Armenia may face various risks due to accession to Eurasian Economic Union

Economist: In future Eurasian Economic Union will have a single currency

Beeline and Child Development Foundation launch joint project in Goris, Syunik Region

Ashot Melkonyan: Armenia must take preventive measures so as not to be blamed for “100-year slander”

Russian ruble devaluation may result in at least 30% decline of Armenian brandy export to Russia in 2014

Rustamyan: Uncertainty has not disappeared after the two rallies of the three

Agreement on Armenia's Accession to EAEU limits Armenia's sovereignty

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