Rostelecom to hold events enhancing computer literacy in Armenia

Ameriabank signs 25 mln USD syndicated loan agreement with FMO and OeEB for financing of SME and renewable energy

Ucom subscribers can pay for services at VTB Bank (Armenia) round the clock

Baku criticizes Russia24 channel

Prosecutor General's Office institutes a criminal case based on files submitted by Levon Zurabyan

Beeline Armenia CEO presented "Success Path" lecture for Leaders' Club members

National Philharmonic Orchestra has marked closing of concert season 2015, emphasizing role of VivaCell-MTS in implementation of initiatives of orchestra

Court upholds motion of Armenia's National Security Service to arrest Arthur Vardanyan

All countries of CIS Inter-Parliamentary Assembly, except Azerbaijan, condemn downing of Russian plane by Turkey

National Security Service of Armenia: Detained citizens start giving evidence

Naryshkin to Ankara: Crimes of the past should be condemned properly

Raffi Hovannisian's political passivity reason is two weddings and several funerals

Expert: Promises of paradise in Armenia "roam" from one constitutional referendum to another

Yerevan: Selective approach to principles and elements in Karabakh peace process will make settlement impossible

Illegitimate regime that seized power in Armenia must leave: Raffi Hovannisian

New Armenia Front: Zhirayr Sefilyan's wife attacked

Zhirayr Sefilyan: KGB-style government in the country remained in the past

INECOBANK launches "InecoQuest" adventure contest under "Open the cashbox full of millions" motto

Geoteam CJSC invested 240 thousand USD in its social projects in 2015

VivaCell-MTS: From now on "Personal", "City Talks" and "Special" tariff plans are also available to non-residents living in Armenia

German Ambassador: Terror attacks in Paris were aimed not only against France but all Europe and pan- European values

Armenian National Congress: Information that one of criminal group's detainees is connected with opponents of Constitutional reforms is dirty propaganda

Call Center of VTB Bank (Armenia) daily serves an average of 3000 incoming and outgoing calls

Beeline "Call Me +" service subscribers can send messages abroad requesting to call back

Levon Zurabyan to provide Prosecutor General with video showing attempts to bribe "No!" Front proxies

Minister says situation around Football Federation of Armenia will come to light soon

SCR achieves profitability due to rigid balance between revenues and expenses and launch of resource- saving projects

Deputy Minister of Foreign Affairs of Armenia welcomes possible criminalizing of Armenian Genocide denial by Russia

Deputy Foreign Minister: Use of Russian military base in Armenia should be agreed with Armenia

Hovhannes Sahakyan to Levon Ter-Petrosyan: Profound Constitutional reforms will help Armenia to counter external challenges

Beeline announces sales of Beeline Smart Dual, Beeline Smart 2 and Beeline Smart Pro ahead of New Year holidays

Syunik governor's son appointed assistant to director of "ArmForest" SNCO

Levon Ter-Petrosyan: It appears that the advocates for the Constitutional amendments have nothing to do but swear up and down

Eduard Sharmazanov to tell Russian lawmakers about Armenia's positive opinion on Russian bill criminalizing Armenian Genocide denial

Levon Ter-Petrosyan: It appears that the advocates for the Constitutional amendments have nothing to do but swear up and down

Sharmazanov: Incidents of downing of Armenian helicopter over Karabakh and Russian plane over Syria have the same modus operandi

Nikolay Silayev: Risk of deployment of a "third front" around Karabakh is rather high

VivaCell-MTS invests 7.9 bln AMD in cultural projects over past 10 years

Rostelecom Armenia: Awarding ceremony of "Thank You, Internet 2015" contest to be held on November 30

VivaCell-MTS has invested 23.6 bln AMD into social projects during 10 years

Orange Foundation to invest 51 mln AMD in Zangakatun border village

Beeline Child Development Corners opened in Aragatsotsn region

Bill on establishing responsibility for not recognizing Armenian Genocide by Turkey introduced into State Duma

Political expert: Russia will not involve its 102nd base in Armenia in conflict with Turkey

New Armenia refutes information that the detained criminals have ties with New Armenia Front

NSS: Organized criminal group intending to commit grave crimes in Armenia disclosed

US official says final status of Nagorno-Karabakh subject of OSCE Minsk Group-led international negotiations

Emergency situation in Yerevan: National Security Service and Police prevent possible terror attack

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



View comments (0)

Be first to comment on this article

* Indicates required fields