by Gayane Isahakyan
The European Bank for Reconstruction and Development (EBRD) will lend USD 10 million to ArmSwissBank for on-lending to small and medium enterprises and energy efficient projects, Gevorg Machanyan, CEO and Chairman of Directorate of ArmSwissBank CJSC, told journalists on July 7.
Machanyan said that part of the loan (USD 5 million) will be spent on SME finance. The remaining USD 5 million will be spent on financing the enterprises investing in energy efficiency projects, including introduction of energy-efficiency technologies and equipment. "These enterprises will enjoy a grant element. We will make the details public in the near future", he said. Machanyan pointed out that the new agreement is to be signed in September 2014.
Throughout the period of its activity, the Bank has financed a total of 38 small-scale hydropower plants both at the expense of the German KfW Development Bank and at its own expense.
ArmSwissBank has been cooperating with the EBRD under the Trade Facilitation Programme (TFP) since 2010. At the moment, the EBRD and ArmSwissBank are cooperating under trade facilitation and SME finance programmes. ArmSwissBank will shortly become a participant in the energy efficiency development programme as well.
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 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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