by Erik Abrahamyan
Ameriabank has retained its leadership position in the trade finance market in terms of factoring deals, according to the results of Q1 2014. The bank's factoring deals on trade finance sustainable grew for Q1 2014. Ameriabank press-service told ArmInfo, receivables assigned to Ameriabank for the period under review totaled 4.6 bln drams with around threefold growth versus Q1 2013.
According to the source, Ameriabank joined the Factors Chain International (FCI) in January 2013, which enables the bank to expand its international factoring services through partnerships in over 80 countries and introduction into new markets. Partnership with the FCI gave Ameriabank an opportunity to tangibly increase international factoring operations by almost 9-fold. As of 31 March 2014, 61% of the bank's factoring deals were in the international market, the remaining 39% - in the local market. According to the bank, the international factoring deals were connected with export of native products to the international markets. Actually, the bank boosts export growth in the country.
According to data of Factors Chain International, in 2013 factoring deals in the world market grew 10% (versus 8% growth in 2012) exceeding $3 trillion (versus $2.8 trillion in 2012). This is an unprecedented growth in the history of FCI, which testifies to the growing demand of companies in factoring as the fastest and most efficient tool of financing that allows replenishing circulating assets under postponement of credit period. Ameriabank provides factoring services on quite flexible terms and continues to offer its customers non-standard and personalized services. Ameriabank will continue expanding international factoring and providing relevant services to all the export-oriented companies engaged in the field of metallurgy, machine building, food industry, production of electrical equipment. Ameriabank CJSC is a universal bank providing a full range of investment, corporate and retail banking services. Ameria Group (CY) Limited is the sole owner of the bank.