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According to the results of the first half of 2014, growth rates of Ameriabank's indices exceed average market level

ACBA-CREDIT ACRICOLE BANK and American Express have announced the launch of new card "The ACBA-CREDIT AGRICOLE BANK American Express® Cash Back Card"

No visa regime between Georgia and Armenia

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Political expert: Growth of tension at the border is a regular ill-fated expression of complexes by Azerbaijan

James Warlick: The number of incidents and resulting deaths and injuries is also a setback in our efforts to work with parties to find a lasting peace

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Life of the three persons injured in Kashatagh as a result of a landmine explosion is out of danger

EU welcomes ruling of Turkish Constitutional Court regarding investigation into the 2007 murder of Turkish- Armenian journalist Hrant Dink

Armavir mayor's car explodes in mine-studded territory of Kashatagh

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Nagorno-Karabakh Police publish details of the case of Azeri saboteurs

Eastern Partnership countries cannot join European Union within the next 5 years

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RESO Insurance Company compensates for damage under hull insurance in 90.9% of cases

VTB Bank (Armenia) and Visa announce the launch of Summer with VTB campaign

Orange Foundation opens a Youth center in Chinari and a computer center in Zorakan in Tavush region

ICRC Yerevan Office holds negotiations to organize a meeting with Azeris detained in Armenian territory

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Ankara has put forward a plan to form a free trade zone with the Customs Union

Ankara's wish to create free trade zone with Customs Union has a dim prospect for Armenia

Levon Ter-Petrosyan: The delay of Armenia's joining Eurasian Economic Union is conditioned by the demand of the EAEU to set a check point at the border to Nagornyy Karabakh

Levon Ter-Petrosyan: The reaction of the Armenian party at the Azerbaijani invasions is quite guarded and inadequate

Sharmazanov to Ter-Petrosyan: It is unacceptable to speculate the Karabakh issue for the political goals

The Golden Apricot Yerevan 11th International Film Festival has come to its end, the official website reports

Rostelecom services available in the center of Yerevan

RESO Insurance Company compensates for hailstorm-caused damage

Customer of VTB Bank (Armenia) wins a Peugeot 107 AT under a joint campaign with MasterCard

1005 residents of Nagorno-Karabakh sign an address on immediate release of Armenian businessman Levon Hayrapetyan

Ardshininvestbank cuts lombard credit and Nur Card Express rates

Nagorno-Karabakh Prosecutor General's Office: Smbat Tsakanyan was kidnapped and killed by Azeri saboteurs

Beeline and NURCARD launch new postpaid tariff plans

ACBA-Credit Agricole Bank's terminals switch to round-the-clock regime

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Suren Babayan intends to shoot a new trilogy

Armen Martirosyan: Levon Hayrapetyan's arrest has either Azerbaijani or Armenian trace

Raffi Hovannisian: Arrest of Levon Hayrapetyan is politically motivated

Air Armenia leases Airbus 320

On July 20 Air Armenia will start flying to Moscow three times a day

Ivan Volynkin: Russia is not instigating anybody in Nagorno- Karabakh conflict

Armenia's Foreign Ministry: No Armenian citizens on board of the Malaysia Airlines passenger plane Boeing 777 that crashed in Ukraine

Armenia's Foreign Ministry: No Armenian citizens on board of the Malaysia Airlines passenger plane Boeing 777 that crashed in Ukraine

After arrest Levon Hayrapetyan's health condition has got worse

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Armenia's Foreign Ministry gets more specific information about availability of Armenian citizens on board of the Malaysia Airlines passenger plane that crashed

A soldier of the NKR Defense Army dies

Nagorno-Karabakh war veteran: Armenian authorities will not get away with their unfair verdict against Volodya Avetisyan

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.

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